WHEN IS AN FHA LOAN THE MOST PRACTICAL?

An FHA loan is administered by the Federal Housing Administration (FHA), and is typically easier to qualify for when compared to conventional loans – and accessible to people of all income levels. Private lenders like banks and credit unions issue them, and with the FHA guaranteeing the loan, lenders are more willing to approve applications.

Some key features of FHA loans include:
• Make a down payment as low as 3.5%
• Get approved to borrow, even with problematic credit
• Buy single-family homes, condos, multi-unit properties, and manufactured homes
• Get extra funding for renovations and repairs with FHA 203k program
• Fund your down payment with gift money or help from the seller

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Can you refinance with an FHA loan?

There are two ways you can refinance your FHA loan: go with a streamline refinance or switch to a conventional mortgage.

When you swap your FHA loan for a conventional loan, you probably won’t have to worry about paying for mortgage insurance if you’ve built over 20% equity in your home. The end result could be a lower monthly payment – and big savings.

And what if your credit isn’t in the best shape, but you want to save a little money – the FHA Streamline Refinance program might be right for you. If you’ve kept up with your monthly payments for at least a year, you can apply for one without having your income, employment, or credit verified.

Contact us today to see if an FHA loan or loan refi is right for you!