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FHA loan programs are established to make it easier to obtain a mortgage for people who would normally find it difficult to qualify for a mortgage due to their income level, credit history, or their ability to put down a sufficient amount of down payment. If you are a first-time home buyer or someone who is looking to refinance from a conventional mortgage, then this may be the perfect option for you.
LowRates offers a complete line of loan products insured by the federal government’s Federal Housing Administration (FHA) including but not limited to FHA 203(b), FHA 203(k), FHA Manufactured Housing, FHA Section 184 Indian Home Loan, and FHA Back-to-Work.
Benefits and highlights:
- Lower down payment requirements (as little as 3.5% on most products), with gifts funds eligible for use towards your down payment.
- Lower credit scores requirements. LowRates is able to finance your FHA loan with less-than-perfect credit scores and a FICO as low as 500.
- A higher Debt-to-Income (DTI) ratio is acceptable.
- Using an FHA 203k loan, upgrade, improve, or rehabilitate existing and new homes.
- In some cases, you can use an FHA loan to refinance to avoid facing foreclosure if you are experiencing financial hardship.
FHA loans help more home buyers to qualify for a mortgage in order to purchase a home. FHA loans also make it easier for existing homeowners to lower their interest rate and/or monthly payments. FHA mortgages are available in a full variety of financing options, including FHA Fixed with terms ranging from 15 through 30 years, FHA 3/1 ARM and FHA 5/1 ARM. Additionally, you have the option to choose from the following:
FHA Streamlines: A FHA streamline refinance loan helps you lower the interest rate, mortgage payment, or loan term of your existing FHA loan, and has less documentation requirements than traditional programs. Additionally, it does not require your property to be appraised.
FHA Manufactured Home: This government-insured program offers assistance to homebuyers looking to acquire or refinance a manufactured home that is permanently affixed to the land. With the popularity of manufactured homes growing in the United States, this is a great program for interested manufactured home buyers. Use LowRates highly competitive rates to acquire one today!
FHA 203(k): This FHA loan option allows homeowners to rehabilitate their home. The loan may be used for other home improvement projects such as room additions or making your home more energy-efficient. This option may be used both at the time of purchase of a new home or as a refinance of the existing mortgage.
For detailed guidelines on the FHA 203(k) program please visit HUD’s website here.
For a detailed lender guide of the FHA 203(k) program by LowRates, please click here.
LowRates is here to help guide you through all of the available FHA loan options and assist you in determining which FHA loan option is the best for you. LowRates is a fully-approved FHA lender and has extensive experience in underwriting FHA loans.
We make the process simple and easy!
- Call us at (855) ITS-QUICK / (855) 487-7842 and submit information for your application.
- Provide all the necessary documentation, such as your income and property information.
- We will issue a conditional approval and order value check on your property.
- Once acceptable value is established and any outstanding items are submitted and resolved, you may sign your paperwork as part of the closing process.
Take advantage of our great rates today!