FHA loans are available for both refinancing your existing home or buying a new one. Designed to be competitive with low interest rates and more flexibility for various types of credit, FHA financing is the answer for situations that involve less than perfect credit or little down payment.

Originally established in 1934, FHA loans were developed when foreclosures were high and lenders were reluctant to approve mortgages for all but the least risky of borrowers.  Home loans insured by the FHA are once again gaining in popularity as more lenders tighten their borrowing guidelines.  FHA loans can be a viable –and sometimes less expensive alternative for borrowers making a small down payment.  Here are the basics on government-insured FHA loans:

• Low Down Payment - Most conventional financing requires a minimum of 5% down.  With FHA, only 3% is required.
• More Lenient Approvals - Whether buying your first home or refinancing your existing home to lower the payment or pay off debt - less than perfect credit is okay.  With FHA financing, you do not get penalized for not having a perfect credit score, where conventional financing does.
• Bankruptcies and Foreclosures - FHA is much more lenient to credit flaw if credit has been reestablished.

If this sounds like the type of program you are interested in, click below to apply online now.

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