FHA Loans

It's easy to understand why many people looking for a new home are turning to FHA insured loan programs. Because FHA Loans are insured by the Federal Housing Administration homebuyers have an easier time qualifying for a mortgage. Those who typically benefit most by an FHA loan are first-time home buyers and those who have less than perfect credit.

Check out our FHA Loan Programs, FHA Benefits and FAQ section below.

 

FHA Purchase and Refinance transactions

It is easy to understand why many people looking for a new home are turning to the FHA-insured loan program.  FHA stands for the Federal Housing Administration, which is part of the Department of Housing and Urban Development (HUD). FHA loans are insured by the Federal Housing Administration and those who typically benefit the most from this program are first-time homebuyers and those who have less than perfect credit. Contact one of our licensed loan officers today to apply!

 

HUD REO

A HUD Real Estate Owned (REO) property, also known as a HUD home or HUD-owned home, refers to a 1-to-4-unit residential property acquired by HUD due to a foreclosure on a home which had an FHA-insured mortgage. HUD is the property owner and offers it to be sold to be able to recover the loss from the foreclosure claim. Contact one of our licensed loan officers today to apply!

 

FHA Streamlines

FHA Streamline refinances are defined as the refinance of an existing FHA-insured mortgage requiring limited borrower credit documentation and underwriting.  There are two different types of streamlines offered by FHA, which are credit-qualifying and non-credit qualifying. Contact one of our licensed loan officers today to apply!

 

FHA Limited and Full 203(k) Rehab Loans

FHA offers the 203(k) program which gives homeowners a single, long-term fixed or adjustable rate loan for both the acquisition and rehabilitation of the property.  203(k) loans are a unique and important product for homebuyers, especially if the property requires repair or modernization. Contact one of our licensed loan officers today to apply!

 

FHA Loan Benefits:

FHA insured mortgages are some of the best kinds of mortgages available. This is because they can help more people into the home buying market. Check out the list below to understand some of the most basic benefits of an FHA mortgage.

Easier to Qualify for – because they’re backed by the federal government lenders are more likely to give you the kind of loan that you need.

Low Down Payment – FHA insured mortgages only require a 3% down-payment which makes it easier for people to own homes. Additionally, the 3% can come in the form of gifts, unlike many other loan programs.

Lower Credit Borrowers Qualify – because FHA insured loans are backed by the government those with a poor credit history have an easier time getting this kind of loan.

Better Interest Rates – with the backing of the government these loans typically have a better interest rate than most traditional mortgage loans.

Better Home Stability – the FHA has programs designed to help homeowners keep their homes during hard times. The will work with you to help your home from falling into foreclosure. Always try to work out problems with your lender before the situation becomes dire.

 

FHA FAQ

Check out our list of common questions related to FHA mortgages. Check out our list of common questions related to FHA mortgages.

What is the FHA?

  • FHA stands for the Federal Housing Administration. It was created in 1934 to help Americans get into homes.

What makes an FHA insured mortgage beneficial?

  • An FHA insured mortgage is easy to qualify for, can be obtained with less than perfect credit, costs less and requires a smaller down-payment.

Where can I find FHA forms and other literature?

What is the FHA loan limit in my area?

  • The loan limit across the country is different. Click here to see limits in your area.

Can I pay an FHA loan off early?

  • Yes, however, be sure to check the pre-payment section of your contract before signing.

Can an FHA insured loan help me lower energy costs?

  • Yes, through the Energy Efficient Mortgages Program you can finance 100 percent of the cost of making your home more energy efficient. Contact us to see how.

Is there an FHA program to help me refinance my loan?

  • Yes, the recently create FHASecure is one of the ways that we can help you refinance your current home loan. Contact us now to see what we can do for you.

Can I refinance a fixed rate FHA loan?

  • Yes. Talk with one of our professionals today to see if refinancing makes sense for you.

What is the recommended debt-to-income ratio for FHA loans?

  • The recommended debt-to-income ratio for an FHA loan is 30%.

Are FHA loans assumable?

  • Absolutely, you can assume an existing FHA loan or allow a buyer to assume yours.

Will I have to pay mortgage insurance with an FHA loan?

  • Yes, in fact, FHA mortgages often require you to carry mortgage insurance for longer than most conventional loans.

Can I get a "fixer-upper" of a home with a FHA mortgage?

  • Yes, however, you might be required to fix certain problems in the home before you can get the full loan. Speak with us today for details on this.

Find Us

Success Mortgage Partners, Inc.

1200 S. Sheldon Road
Plymouth, Michigan 48170
734-259-0880
FAX: 734-468-0815
info@smprate.com
NMLS: 130562