FHA MORTGAGE
PROGRAMS
FHA Mortgage programs are great options
for those borrowers who can’t
meet some of the strict lending criteria
of conventional loans. FHA Mortgage
programs are offered through FHA Approved
Lenders.
Total Mortgage Services is an FHA
Approved Lender. We have a team of
experts who are proficient in the various
FHA Mortgage programs available. Find
out more below, fill out the contact
form and we’ll call you to discuss
which of the FHA Mortgage Programs
are right for you. Call 877-868-2503
for more information and today's
rates.
What are FHA Mortgage Programs?
FHA Mortgage programs are financial
loan programs intended to make it easier
for American’s to own their own
home. The FHA (Federal Housing Administration)
doesn’t provide the loan itself
but insures loans made by private lenders.
This means that the FHA will pay the
lender if a borrower defaults on a
loan.
The programs are available to borrowers
for their primary place of residence,
regardless of whether they have owned
a property before. You don’t
need to be a first time homebuyer in
order to qualify.
What Are the Advantages of
FHA Mortgage Programs?
Lower Interest Rates: Typically,
FHA Mortgage programs have lower interest
rates than some conventional loans.
This is primarily because the federal
government insures the loan against
default.
Smaller Down Payment: FHA
Mortgage programs require a smaller
deposit on the property. FHA loans
require a minimum of 3% of the total
property value as the down payment
for your home. This is smaller than
some other mortgage programs. Additionally,
the down payment can be a gift from
a family member, employer or charitable
donation.
No Credit History Restrictions: With
FHA Mortgage programs bad credit may
not a problem. FHA approved lenders
do not rely solely on credit ratings
as an eligibility assessment for a
loan. This means that if you don’t
have perfect credit, or you have experienced
credit problems such as bankruptcy,
you may still be eligible for an FHA
loan.
Refinancing Options: FHA
Mortgage programs have more options
available in times of financial hardship.
If you need to do repairs to your home
or totally refinance your mortgage,
you can achieve this through FHA mortgage
programs with cash-out refinances available
up to 95% of the appraised value of
the home with 203K loans available
for home repairs.
How Do You Apply for FHA Mortgage
Programs?
With so many FHA Mortgage programs
to choose from you need to seek expert
advice to work out which one will be
suitable for you. If you would like
to discuss the FHA mortgage programs
in more detail, or you are ready to
apply, speak to the FHA Mortgage programs
experts!
Fill out the Contact Form
on the right or call 877-868-2503
to have a FHA Mortgage Expert call
you today!
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