FHA Mortgage Loan
Fortunately, the Federal Housing Administration (FHA) requirements for credit scores and down payments are lower than for conventional loans. Borrowers may be able to qualify for an FHA loan with a credit score of at least 580 and a downpayment of just 3.5 percent. FHA loans may allow sellers to pay up to 6 percent of the loan amount to cover buyers’ closing costs.
Different Credit Requirements
May be Assumable
Closing Costs Options
Meet with MortgageRight – We are a Federal Housing Administration (FHA) approved lender – and not just any lender can give you an FHA loan. You must prove that you have 2 years of steady employment, showing your income has remained the same or increased. You cannot have declared bankruptcy in the past 2 years or had a foreclosure in the past 3 years. If you have, you may not qualify for an FHA loan. You must also have the cash to pay the downpayment on your loan which is generally 3.5 percent of the total cost of the loan. If you feel that you can or are close to meeting these requirements, call a MortgageRight loan officer today!
Earlier this year, the Federal Housing Administration (FHA) announced it would be reducing the mortgage insurance premium rate charged on FHA-backed loans for new homebuyers and anyone refinancing an FHA loan. However, borrowers may consider refinancing your current FHA loan to a conventional mortgage and that will remove your mortgage insurance payments. If you have enough equity in your home, you may reach a substantial goal of reducing your monthly payments with a refinance. Call us, we’re here to help. Disclosure: Even though a lower interest rate can have a profound effect on monthly payments and potentially save you thousands of dollars per year, the results of such refinancing may result in higher total finance charges over the life of the loan.
New Payment Amount
New Interest Rate
Change Insurance Premium
New Loan Term
The best approach to finding an optimal loan product is a conversation to discuss all your options. The best opportunities can be found by allowing a MortgageRight loan officer the chance to review your existing loan agreement and current circumstances. Mortgage refinance loans are not one size fits all, therefore we want to make sure we recommend only the best for our clients. We ask that you contact us today and let us assist you with this process.