FHA Loans

What is an FHA Loan?

• FHA Loans are loans from approved lenders where the Federal Housing Authority guarantees a portion of the loan
• FHA Loans require borrowers to pay mortgage premium fees at closing and as a part of your monthly payment for that guarantee
• FHA Loans can be used to purchase homes or to refinance your existing mortgage
• FHA Loans are designed for borrowers who want to put less cash upfront in the form of a down payment (less than 20% down)
• FHA Loans are also designed to aid those who don’t qualify for standard Conforming loan financing due to lower credit ratings or due to a lack of credit history
• FHA offers 30-year terms, 15-year terms, and Adjustable-Rate Mortgages
• Not all lenders or loan originators provide FHA Loans

What are the Benefits of an FHA Loan?

• FHA Loans are not limited to first-time homebuyers.
• You don’t have to have excellent credit to qualify for an FHA loan.
• Credit scores as low as 580 are eligible for review.
• Interest rates are as low as any other rate in the market today for an FHA loan.
• FHA Loans are perfect for borrowers who have not yet established extensive credit.
• There are very low -down -payment requirements of 3.5% down. FHA Loans can be gifted from a family member to 0% (With our specific Down Payment Assistance program).
• FHA Loans allow significant seller contributions of up to 6% of the sale price, allowing borrowers to limit their out-of-pocket expense when purchasing a new home.
• Loan limits on FHA Loans are at $420,840 in Missouri. 
• The special streamline refinance option allows borrowers to refinance their home to a lower interest rate even if their current FHA loan is upside down on the value of your home… WITH NO APPRAISAL REQUIRED!!
• FHA Loans allow borrowers to get a new loan after only two years following a bankruptcy

How Do You qualify for an FHA Loan?

Not Sure? No Problem. 

FHA Loan eligibility can be determined by contacting our office for a free consultation.

• • Generally, a 580-credit score is necessary to qualify; however, we have FHA programs that will go as low as a 560-credit score
  • They have great programs for purchasing homes with as little as a 3.5% down payment, and those funds can even be gifted to you from a family member.
  • FHA also offers what is called a “Streamline Refinance.”
    • An FHA Streamline Refinance allows you to refinance out of a higher interest rate and into a lower interest rate without having an appraisal or income documentation.
    • All you need is a 580-credit score and have your mortgage payments be paid within the month that they are due for the last 12 months.
  • There is also a great refinance program that allows you to draw cash out up to 85% of the value of your property without having any increase to your interest rate.