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Government loan programs
FHA loans
FHA loans are now available up to $729,750 loan amounts. Call us now at 866-900-2342 toll free to find out the new limits for your area. We may be able to help you purchase or refinance your home with our secure fixed rate FHA mortgage loans.
Click to access the new 2008 limits for your area:
2008 Loan Limits for FHA FNMA FHLMC.pdf
An FHA loan is insured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD). The FHA does not loan money to borrowers, rather, it provides lenders protection through mortgage insurance (MIP) in case the borrower defaults on his or her loan obligations. Available to all buyers, FHA loan programs are designed to help creditworthy low-income and moderate-income families who do not meet requirements for conventional loans.
FHA loan programs are particularly beneficial to those buyers with less available cash. The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans.
Some of the other benefits of FHA financing:
- Only a 3 percent down payment is required.
- Closing costs can be financed.
- Lower monthly mortgage insurance premiums and, under certain conditions, automatic cancellation of the premium.
- More flexible underwriting criteria than conventional loans
- FHA limits the amount lenders can charge for some closing cost fees (e.g. the origination fee can be no more than 1% of mortgage).
- Loans are assumable to qualified buyers.
FHA Jumbo Loans allow homeowners to take advantage of the benefits of the FHA loan at higher loan amounts than were previously available. FHA Jumbo Loan amounts are now available at a up to a maximum of $729,750 in high cost areas. The maximum loan amount was just over $200K for much of the country where housing is more affordable, and that limit has been increased to $271,050. Please see our guide at the top of the page, or give us a call to find out the limits for your area.
FHA SECURE is a new program designed to help US homeowners refinance out of ARM loans. It allows for a few late payments, whereas standard FHA has a higher standard on this.
Call now for details to see if FHA Secure can help you to a more secure, affordable loan.
Here is the article in www.HUD.gov announcing the FHA secure program:
http://www.hud.gov/news/release.cfm?content=pr07-123.cfm
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