FHA financing provides a safe and affordable loan option for homeowners.
Fellowship Home Loans is an approved FHA direct lender so you receive the benefits directly, which include:
· Lock in a low 30-year fixed-rate.
· 580 minimum credit score
· Bankruptcy eligible – as recent as 1 year with extenuating circumstances.
· Quick and easy approval and closing process directly with Fellowship Home Loans!
· No pre-payment penalty.
· Loans are insured by the Government but issued directly by Fellowship Home Loans. See HUD.gov for more information on FHA loans.
Featured Highlights of
FHA Financing:
The beauty of FHA loans lies in their adaptability.
FHA Loans are designed with a broad audience in mind, particularly benefiting first-time homebuyers. The loans are not strictly for this group, but their features cater to those without substantial credit history or significant savings.
Another notable aspect is the mortgage insurance structure. FHA loans necessitate both an upfront and an annual premium. However, a larger initial down payment can affect the longevity of this requirement, providing another layer of flexibility. Finally, the loan limits with FHA are also adaptable, varying based on the location of the property.
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What's the primary purpose of an FHA loan?
FHA loans aim to make homeownership accessible to a broader range of individuals, especially those with financial constraints.
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How does my credit score affect my down payment?
With a credit score above 580, you can secure an FHA loan with a 3.5% down payment. Scores between 500-579 require a 10% down payment.
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Is mortgage insurance always required?
Yes, FHA loans require both an upfront mortgage insurance premium and an annual premium. The duration can vary based on the down payment size.
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Are there different FHA loan types?
Beyond the standard FHA loan, there are specialized versions such as the FHA Streamline and FHA 203(k) Loan, each catering to unique borrower needs.
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Can I use an FHA loan for investment properties?
No, FHA loans are designed for primary residences only. The purchased property must be occupied within 60 days of closing.
Taking the Next Step with FHA Loans
Navigating the world of mortgages can be daunting, but with FHA loans, many barriers to homeownership are removed. If you’re contemplating whether an FHA loan aligns with your homeownership aspirations, take the leap. Reach out to your Fellowship Home Loans (FHL) Loan Officer today, and embark on your journey to secure the home of your dreams.
Ready to learn more about FHA Financing or explore your options? Get started today!*
*All product information represented on this page is subject product guidelines and can change at anytime. It is for educational and informational purposes only and not a commitment to lend. Please contact your Fellowship Home Loans Loan Officer today to get the latest product guidelines and guidance on what loan programs fit your unique financial picture and goals.
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