FHA Loans

FHA loans are HUD loans designed to allow people with bad credit to have access to safe and secure 30 year fixed rate mortgages. FHA loans have become extremely popular in recent years due to the sub-prime fallout and rising foreclosure rates throughout the country. FHA is a superb program due to the common sense underwriting guidelines combined with the low fixed rates and minimal mortgage insurance coverage they provide. A common misconception is that FHA loans are too lengthy or involves far too much paperwork. This is simply not the case. The underwriting process is exactly the same for FHA as conventional lenders.



Bad Credit Loans

  Homeowners need to be careful to work with brokers and lenders that are well versed in the FHA guidelines and procedures. Many lenders impose their own underwriting criteria on borrowers that are not FHA required. We work only with lenders that understand fully the flexible FHA guidelines so that you can take advantage of this excellent program! Take a look at some of the advantages of an FHA loan:
 
FHA Loan Highlights
 
  • 30 YEAR FIXED RATE LOANS FROM 6%-7%
  • NO PREPAYMENT PENALTY
  • NO NEED TO PAY OFF COLLECTIONS, MEDICAL, OR OTHER BAD DEBTS TO ACQUIRE FINANCING
  • 6% SELLER CONCESSIONS CAN COVER ALL OF YOUR CLOSING COSTS
  • 1.5%-3% DOWN PAYMENT CAN BE GIFTED OR PROVIDED BY SELLER
  • MANUAL UNDERWRITING ALLOWS YOU TO TELL YOUR STORY!
  • OBTAIN AN FHA LOAN IN 10 DAYS
  • CAN BE USED TO PURCHASE OR REFINANCE TO VERY HIGH LTV'S
  • NO MINIMUM CREDIT REQUIRED. SCORES CAN BE IN THE 400'S AND YOU GET THE SAME GREAT RATES AS SOMEONE IN THE 700'S!
  • NO INCOME LIMITATIONS
  • MORTGAGE LATES OKAY
   These are just a few of the benefits an FHA loan provides. We are helping hundreds of clients across the county utilize theses FHA loans to buy a home with little or no money out of their pockets even with bad credit scores below 500! In addition we are using this program to assist many people that were previously in adjustable rate sub-prime loans get into a very low 30 year fixed FHA loan. These client's are saving hundreds and thousands of dollars thanks to the FHA lender programs.
 
    It's quite easy to see the benefits of using an FHA loan to purchase or refinance your home. Now lets take a look at exactly what is required by a homeowner to obtain FHA financing. If you have any questions about if you qualify for an FHA loan we urge you to call us or apply online since many issues are able to be worked around on a case by case basis:
 
FHA Guidelines
 
  • TWO YEARS WORK HISTORY (any gaps in employment must have letter of explanation)
  • FULL DOCUMENTATION OF 2 YEARS INCOME. SELF EMPLOYED BORROWERS MUST SHOW TAX RETURNS
  • JUDGEMENTS, DEFAULTED STUDENT LOANS, OR TAX LIENS MUST BE TAKEN CARE OF AT OR PRIOR TO FINANCING
  • NO REQUIREMENT TO PAY OFF MEDICAL, CREDIT CARDS, CHARGE-OFF, OR OTHER COLLECTIONS ACCOUNTS OLDER THAN 12 MONTHS.
  • DEROGATORY CREDIT LESS THAN 12 MONTHS OLD WILL BE LOOKED AT ON CASE BY CASE BASIS
  • COMPENSATING FACTORS SUCH AS 2+ YEARS ON THE JOB OR ABILITY TO SHOW LIQUID ASSETS CAN BE USED TO OVERRIDE ABOVE MENTIONED GUIDELINES IF NECESSARY
  • CAN ONLY HAVE 1 FHA LOAN OUT AT A TIME
 
    As you can see qualifying for an FHA loan is not difficult at all. We are experts in FHA financing and work only with lenders that follow the simple FHA guidelines. One of the only requirements that is set it stone is the loan limit allowed by FHA. In order to see if your home loan will fit into the FHA loan limits please visit this SITE to view the limits in your county.
 
    Now you can see why we are the premier source for FHA loans and FHA Lenders in the U.S. Our mortgage professionals are prepared to put their years of experience and our access to these bad credit cash out mortgage loans to work for you! Contact US today or APPLY ONLINE for a same day response and let's start working together to help your American dream come true!