In our ever changing mortgage market, getting approved for a home loan can seem challenging or downright impossible. The government has set up a special lending program that allows sponsored lenders to help you overcome many of these obstacles.  However, not all lenders qualify to be government sponsored by the Federal Housing Administration (FHA).  A lender that is not FHA sponsored tends to offer higher cost programs or to simply deny loan applications. Whether you are purchasing or refinancing, FHA home financing loans offer you more choices, with the lowest rates, costs, and down payments.  An FHA sponsored lender should always offer this program as a first option.  Clients that need flexibility and low cost loan terms can benefit from this program.

FHA allows you to:

• Cash-Out refinancing up to 85% of the value of your home. You can use this cash for anything, including debt consolidation or to pay up your mortgage payments 12, 24 or 36 months in advance.
• FHA Streamline Refinance – demands No appraisal or Credit Check,
• A minimal 3.5% down payment is required when buying a home.
• Property is not restricted to eligible areas.  Maximum loan amounts determined by property location apply.
• Previously damaged credit and lower credit scores can still be approved.
• No income restrictions apply.
• Your down payment can be gifted to you by a family member, friend, church or charity.
• If purchasing, the home seller can pay all of your closing costs up to 6% of the sales price.
• Loan amounts up to $729,000 are allowed in qualifying areas.
• Zero cash out of pocket programs are available to qualified borrowers.
• 30 year fixed rates are available.
• There are no prepayment penalties...ever!