What is an FHA Loan? Insured by the Federal Housing Administration, this is a popular option among first-time homebuyers, designed for low to moderate-income consumers. They typically have a more relaxed credit requirement than a conventional financing. Some wholesale lenders will accept as low as a 500 credit score depending on your down payment amount. Down payment requirements are as little as 3.5% down. For a Cash-out Refinance, typically you are allowed up to 85% of the home’s value, often called the LTV or Loan-to-Value Ratio and also allows for higher debt-to-income ratio limits.
We’re here to make getting a home easier with our technology, tools, and expertise, that will guide you along the way. We’ll help you understand the differences between mortgage programs and options, empowering you to make the best-informed decisions on what is right for you. Use our Mortgage Calculator to estimate monthly payments.
With a down payment as little as 3.5% for single-family and multifamily homes, this is a great option for minimizing necessary cash to buy a home with reasonable credit expectations, and flexible income requirements.
They are the perfect mortgage solution for those who may not qualify for a conventional financing or who in doing so would not qualify for a favorable rate yet still be able to obtain home financing, especially first-time home buyers.
Also available is a 203k Rehabilitation Loan, which allows for certain renovations that can be done after you close. Contact us for more details.
While not common, this program also allows for adjustable-rate mortgage options, similar to a Conventional Mortgage.
Buy a house with a down payment assistance program to help cover the costs. Ideal for first-time home buyers unable to make larger down payments.
Down Payment Assistance programs can be used to cover the down payment and closing costs, to make housing more affordable, and help you get into a home sooner if you don’t have enough saved.
Homeownership could be much closer than you realize through programs like these National and Colorado DPA Programs:
Contact us about the details, terms, and strategies to help you buy a house with as little as $1,000 of your own funds and zero down payment through one of these programs.
Generally, bankruptcy won’t preclude a borrower from obtaining this type of financing after two years, although there are some guideline requirements depending on the type of bankruptcy for when you can qualify again.
Ideally, a borrower should have re-established their credit with a minimum of two credit accounts such as a car financing, or credit card. Then wait two years since the discharge of a Chapter 7 bankruptcy, or have a minimum of one year of repayment for a Chapter 13 (the borrower must seek the permission of the courts).
Also, the borrower should not have any credit issues like late payments, collections, or credit charge-offs since the bankruptcy. Special exceptions can be made if a borrower has suffered through extenuating circumstances like surviving a serious medical condition, and had to declare bankruptcy because the high medical bills couldn’t be paid.
*We also have some non-traditional mortgage options for the day after bankruptcy is discharged as well.
Federal Housing Administration was established in 1934 after the great depression to improve housing standards and to provide an adequate home financing system with mortgage insurance to protect against borrower defaults. Now families that may have otherwise been excluded from the housing market could finally buy their dream home.
This program was created in response to the rash of foreclosures and defaults that happened in 1930s; to provide mortgage lenders with adequate insurance; and to help stimulate the housing market by making housing more accessible and affordable.
FHA does not originate mortgages, the lenders do that for them, they simply insure against a homebuyer defaulting. This allows banks to continuously issue financing without much risk or capital requirements.
Financing backed by the Federal Housing Administration may make it easier for you to buy a home. Borrowers who cannot afford a typical down payment of 5% or more or who cannot receive approval for private mortgage insurance should consider this option.
* Some qualifications, terms and conditions apply. Inquire for more details.
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