*  Be sure to take a close look at FHA and their programs to find out which one is right for you.

  • Debt Consolidation OK


  • Cashout up to 85% LTV


  • Debt to income ration to 50%

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  • Fixed and ARM rates available

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FHA Cashout Refinance

  • Most popular foreclosure FHA program


  • No appraisal needed


  • Allows for repairs up to $5K

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  • $100 down payment

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FHA Streamline Refinance

  • Most popular FHA program for home purchase


  • No appraisal needed


  • No income verification

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  • Reduced Documentation
 
 
Standard FHA Purchase
 
 
What Are Some Popular FHA Programs?
 
 
  • Most popular FHA program for home purchase

  • Fixed and ARM rates available

  • 1-4 unit properties eligible
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  • 3.5% down payment 
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What Are the Waiting Periods After a Hardship?

 
 
  • 3 Years from Foreclosure or Short Sale
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  • 2 Years from Chapter 7 Bankruptcy

  • 1 Year from Chapter 13 Bankruptcy
 
 
What Are the Advantages of FHA Loans?

 
 
  • 3.5% down payment
 
  • Credit scores down to 600

  • No prepayment penalty ever

  • An FHA loan may also be assumable

  • Up to 50% debt to income ratio

  • Allows for 6% seller prepaid closing costs

  • Easy to use gifts for down payments and closing costs

  • Allows for non-occupying co-borrowers to help qualify
 
 
Why Are FHA Loans So Great?

 
 
FHA loans are by far the easiest mortgage loans to qualify for due to the flexible credit guidelines and the low down payment requirements. A borrower who cannot afford a traditional down payment of 20% or has gone through a financial hardship like a short sale, foreclosure or bankruptcy can benefit the most from the FHA program.
 
 
 
 
 
 
The Federal Housing Administration (FHA) was created out of the National Housing Act of 1934, and was established to increase home ownership and provide affordable housing opportunities for all Americans coming out of the Great Depression. While most people believe that the FHA lends money directly to borrowers, it actually just insures the mortgage financed by FHA-approved lenders.
 
 
Why choose a FHA Mortgage?  The main advantage to an FHA home loan is that the credit criteria for a borrower are not as strict as conventional loans sold to Fannie Mae (FNMA) or Freddie Mac (FHLMC). Someone who may have had a few credit problems or no traditional credit may not have a problem obtaining FHA financing.  Also, FHA loans are assumable, allowing a person to take over the mortgage without the additional cost of obtaining a new loan. In addition, the lender must pay for part of the closing costs while a borrower's allowable costs can partially be wrapped into the loan. Many people make the mistake and assume that FHA loans are only available for first time home buyers. This is not true. FHA loans are available to anyone, whether it is your first or fifth home and also this loan can be used to purchase or refinance a home.  Find out if an FHA loan is right for you. Take a moment to fill out a pre-qualification application or call +1.4048164700 to speak with an experienced HBS Mortgage Consultant today.

 
 
FHA MORTGAGE LOANS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
HUD REO $100 Down Program