The FHA's mortgage insurance programs have helped millions of families become first time and move up homeowners by lowering some of the borrower's closing costs and down payment requirements. Qualifying guidelines for FHA Loans are typically more flexible than those of conventional loans.
Here are some of the important features of FHA Loans:
- Lower down payment/investment requirements - as low as 3% as compared to 5% or more for many conventional loans
- Some closing costs can be financed - less out-of-pocket expense at the settlement table
- Assumable
- Government insured loan
- Higher debt-to-income ratios are allowed
- Flexible credit underwriting guidelines
As part of the 2008 Economic Stimulus Package the FHA loan limit has been increased to as high as $729,750 in some areas. Contact us for a list of loan limits by county.
Here are the FHA programs we offer:
- 30-Year Fixed and 15-Year Fixed
- 2/1 Buy-Down
- 7/1, 5/1, 3/1 & 1/1 ARM
- 203k FHA Rehabilitation Loans
- 203k Streamline Refinance
- 95% Cash-Out Refinance
- Streamline Refinance
- As part of the 2008 Economic Stimulus Package the FHA loan limit has been increased to as high as $729,750 in some areas.
To find out more about FHA loans, or to see if a FHA loan is right for you, contact us at Corridor Mortgage Group. For a list of FHA loan limits in the Mid-Atlantic region, please click here.
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