Considering a FHA Loan
Do you need a mortgage loan? If so, you have come to the right place. It would be our pleasure to assist you! Please call 603-893-6616 for more information. Are you ready to get started? Submit your application today.
What is an FHA Loan?
A FHA loan is an insured mortgage that is provided by the Federal Housing Administration, which is a federal agency within the Department of Housing and Urban Development (HUD). Unlike conventional mortgage lenders, the FHA does not lend money to borrowers; rather, it provides lenders with protection through mortgage insurance (MIP) in the event that a borrower defaults on the loan. The FHA loan programs are available to all prospective buyers and are designed to help creditworthy low-income and moderate-income families who don't meet the requirements for conventional loans approach home ownership.
In particular, the FHA loan programs are advantageous to those buyers who are less fortunate in terms of cash resources. FHA loans tend to offer rates within the market rate range, while the down payment requirements for these loans are lower than those of conventional loans.
What Are the Advantages of FHA Loans?
A few other advantages of FHA financing may include:
- The down payment requirement for FHA loans is just 3.5 percent.
- It may be possible to finance some of the closing costs.
- You may also be able to lower your monthly mortgage insurance premiums.
- Underwriting criteria are more flexible than those of conventional loans.
- It is possible for qualified buyers to assume the loans.
- This option is available for multifamily properties as well.
Questions about FHA loans? Contact Omni today at (603) 893-6616!