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FHA Loan

The FHA loan program is a mortgage product designed to assist every qualified and eligible American with having the opportunity to own their own home. Insured by HUD and administered by FHA (Federal Housing Authority), the FHA loan program provides prospective mortgage clients with tremendous opportunities. Offering mortgage rates that are traditionally lower than conventional Freddie/Fannie programs, the FHA program is fast becoming the mortgage loan of choice for many Home Buyers around the country, including the states we serve: Alabama, Mississippi, Missouri, North Carolina and Tennessee.

Did you know? According to Fannie Mae, over 50% of mortgages originated through High Interest Rate loan programs could have qualified for a low Fixed Rate loan? Staggering - over 50% of home buyers and home owners were placed in the WRONG loan program.

Not every mortgage company can originate the FHA loan program. HUD maintains strict guidelines which limit who can assist home buyers and home owners like you, with financing. With such strict quality guidelines for mortgage companies, you can know with confidence, if the company you are working with originates the FHA Program, they are a strong and reputable firm. At Lifestyle-Mortgage.com, our job is to place you in the right loan the first time, and the FHA loan program is a solid foundation to financing success. Learn more today by using our Quick Apply application.

Just some of the tremendous benefits of applying for an FHA mortgage are:

  • Interest Rates much Lower than Bad Credit Loans
  • Underwriting Flexibility that is based upon your credit not your credit score - Credit score is not even considered - 520? Hey, you may be eligible for the FHA Loan program!
  • Underwriting is done using both Automated and Manual review - This means if a loan makes sense, it doesn't matter what the computer says.
  • No credit history is required to qualify for an FHA Loan
  • Works with Grant and Charity organizations - You don't have to provide your own down payment.
  • Home Buyers - Seller paid closing costs are allowed.
  • Home Owners - A cash out Refi with the FHA program is just fine.
  • Down Payment Help from Family and Family Friends is Allowed.
  • You don't have to have a bank account to qualify for an FHA Loan
  • Collections do NOT disqualify you from being eligible for a mortgage
  • Prior Bankruptcy does not automatically disqualify you, or if you qualify, mean you have to pay a higher interest rate as a "Penalty"
  • NO INCOME RESTRICTIONS - This means EVERYONE is eligible for the FHA loan program regardless of whether you're wealthy or poor, have owned a home before or are a First Time Buyer.
  • Higher Ratios are allowed for eligible borrowers than through Traditional Mortgage programs
  • Typically, there are NO Cash Reserve requirements.
  • Overtime, Bonuses and Part Time Income can typically be used for qualifying for your FHA financing
  • Non-Occupant Co-Borrowers are just fine with the FHA Loan program - You can have a parent co-sign for you and help you qualify if you can't qualify on your own.
  • Typically, all FHA Mortgages are assumable

The fact is, there are many good reasons for virtually all home buyers and home owners to consider the FHA loan program. Beyond just the FHA interest rate benefits, flexible qualifying and great terms, the FHA loan gives you peace of mind.

The loan program is administered in such a way that it is actually designed to protect you! How? Unlike traditional and Sub-Prime (Bad Credit Loans), the FHA Loan program offers three different Foreclosure intervention programs that actually help tens of thousands of home owners keep their homes - EVERY SINGLE YEAR. That's right, the numbers are something to think about. To have these intervention options available should you have a financial nightmare, you have to have a HUD insured FHA Loan to be eligible! Just one more reason you should think hard about getting an FHA Mortgage. To find out more, call Lifestyle-Mortgage.com or use our Quick Apply application.

 

 


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