FHA Mortgages

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We focus on helping you find the right solution for your needs. Our Mortgage Loan Originators can help you weigh your options so you can make a well informed decision.

What's an FHA Loan?

The Federal Housing Administration, (FHA) was established in 1934 to improve housing standards and conditions and to supply an adequate home financing system through insurance mortgages. Families that would preferably be excluded from the housing market were finally in a position to shop for the homes of their dreams under this program.

An FHA loan allows you purchase a house with as little as 3.5% down, rather than increased percentages required to secure many typical conventional loans. Taking advantage of the FHA loan program may be a great method for first time home buyers, or anyone with a shortage of down payment funds, to purchase a home.

The FHA does not originate or create home loans. They insure them. If a home buyer defaults, the lender is paid from the insurance fund. This can be an excellent mortgage alternative for those starting out or those having some difficulty obtaining a conventional loan.

FHA Loans vs. Typical Home Loans

The main advantage of FHA home loans is that the credit qualifying criteria for a borrower does not seem to be as strict as standard mortgage financing. FHA can allow the borrower who has had a few “credit issues” or those with little credit history to obtain financing. However, good rationalization of these derogatory items will be considered when an underwriter reviews the entire credit history. Most notably, borrowers with extenuating circumstances surrounding bankruptcy, require a minimum two years discharge prior to their loan application.

Standard financing, on the opposite hand, relies heavily upon credit scoring. Credit scores are issued by credit repositories such as Experian, Equifax, and Transunion. These scores rank your total credit history. How you pay your bills on time? or late?, affect your credit scores among numerous other factors. Your mortgage, automobile, and credit card loan payments and outstanding balances are just some examples of how credit scores are determined. Your credit scores play a major role in obtaining credit which reflect your ability to repay your indebtedness.

What documents are needed for an FHA loan?

The approval process is based upon receiving all the necessary, up to date documentation your loan officer and processor request. To ensure a smooth transaction, take the extra steps gathering this personal documentation in advance of meeting or talking with your loan officer. The following is a list of general documentation and perhaps additional items may be requested from an underwriter during your loan process:

Employment Information
Credit Information
Personal Information
If For Refinancing or Rental Property
(And More)

First-Time Buyers Are Our Specialty!

For all our clients, especially first-time home buyers, we go out of our way to ensure that our clients are familiar with the mortgage process. You’ll be able to find out what loans you are eligible for as well as how basic the requirements are. As well as knowing which documents you will need to submit, you’ll also know how to proceed. Our experienced loan officers will walk you through the entire process from application to close and answer all your questions until you feel at home with your mortgage choice.