Loan Options / FHA Loan Programs

fha_loanThe Federal Housing Administration, generally known as “FHA”, help millions of families become first time and move-up homeowners by lowering some of the borrower’s closing costs and down payment requirements. In addition, the qualifying guidelines for FHA loans are typically more flexible than those of conventional loans.

Features of FHA Loans

LOW DOWN PAYMENT
As low as 3.5% down payment and can even be gifted or borrowed
FLEXIBLE
FHA is more flexible on debt-to-income ratios and credit scores and also allows non-occupying co-borrowers
CLOSING COSTS
Seller can pay up to 6% of the buyer’s closing costs
ASSUMABLE
A buyer can assume the rate, repayment period, current principal balance and other terms of an existing FHA loan
GOVERNMENT INSURED
FHA loans are backed and protected by the Federal Government
LOAN LIMITS
FHA sets greater loan limits in certain high-cost areas

Corridor offers the following FHA programs:

  • Fixed Rate Loans (terms ranging from 15 years to 30 years)
  • Adjustable Rate Mortgages
  • 203(k) FHA Rehabilitation Loans
  • Cash-out Refinances
  • Streamline Refinances
To see if a FHA loan is right for you, please contact us today.

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