Harrison Lending Group Team in Texas helps homeowners secure FHA loans. FHA loans allow you to purchase a home with a 3.5% down payment, or refinance a home up to 96.5% of the home's value. FHA loans are easier to qualify for, and offer several homeowners an easy way to secure financing.
If you have an FHA loan that originated before June 2009, you may qualify for a streamline FHA refinance. This means that you can refinance your current FHA loan with a very simple process. Unlike the standard refinance or loan application process, the streamline FHA makes it easier.
If you are currently over 4.5%, a new FHA program could save you THOUSANDS!
Here are some benefits of a FHA Loan:
Better loan terms
You do NOT need an appraisal on your home, even if you are upside down
You do NOT need to verify your income or employment
Your credit score will NOT be pulled
This program is easy to apply for and you can find out within minutes if you may apply for the FHA Streamline Loan. Take advantage of the lower interest rates and all of what this FHA program has offer.
About FHA Loans
FHA loans originate from the Federal Housing Administration and are insured by HUD (US Dept. of Housing) so that lenders can offer more affordable mortgage rates. FHA loans require lower down payments and closing costs. FHA loans offer options to those who've undergone bankruptcy or foreclosure. They're available to first time home buyers, refinance and anyone who's purchasing property and doesn't already have an existing FHA loan. The guidelines for debt ratio and job qualifications are more lenient than a conventional loan.
Refinancing your Mortgage with an FHA Loan
You may refinance your home loan with an FHA loan if you don't currently have an existing FHA loan. Refinancing options include fixed, adjustable (ARM) and buy-down mortgage rates, although most buyers have a fixed-rate FHA loan. Refinancing with an FHA loan is allowable even if you're late on your current mortgage or facing foreclosure.
FHA loan applicants find that FHA loans do not have as strict of income guidelines nor credit history as conventional loans. FHA loans offer competitive rates for those in foreclosure or bankruptcy. There are also options for loan consolidation with FHA loans.
FHA Loan Qualifying
FHA loan requirements are more flexible than conventional loans and provide the easiest application. Below are the requirements for FHA loans:
W-2 for the past 2 years
Residence from the past 2 years
30-day pay stubs
Are you interested in the FHA loan? Since the 1930s, the U.S. government has installed programs that help homeowners borrow money to buy a house.
Not everyone is eligible for an FHA loan. You must meet certain criteria outlined by the Federal Housing Administration in order to be eligible for a loan.
Also, be prepared to provide documentation and proof for the following items:
Legal U.S. resident
You’ll need to provide proof of legal residency and a Social Security Number.
Employment and income
Ideally, you can prove you have two years of consistent employment from the same employer and that your income has either stayed the same or gone up. You’ll need to collect W2s, income tax statements and pay stubs.
The FHA loan does require that borrowers meet credit guidelines – check with a lender as credit scores vary.
Debt-to-income and payment-to-income ratios
Lenders will look at your income and compare it with your debts to determine if you meet FHA eligibility requirements for debt-to-income ratios.
FHA loans require a 3.5% down payment. These funds CAN be gifted.