FHA Loans

FHA Loans 2022-04-14T09:17:26-05:00

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.

Most Competitive Rates in St. Louis

St. Louis Home Mortgage has the most competitive interest rates in St. Louis* and we are dedicated to be with you every step of the way and help find the most competitive interest rates.

*Rates vary depending on credit score and type of transaction.

Get A Free Consultation

Request a free consultation to find out what the best loan is for your new home purchase or refinancing needs.

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