An FHA Loan is a mortgage that's insured by the Federal Housing Administration. They allow borrowers to finance homes with low down payments and are especially popular with first-time homebuyers.
FHA loans are a good option for first-time homebuyers who may not have saved enough for a large down payment. Even borrowers who have suffered from bankruptcy or foreclosures may qualify for an FHA-backed mortgage.
FHA loans offer low interest rates to help homeowners afford their monthly housing payments. This is a great benefit when compared to the negative features of subprime mortgages.
Conventional loans usually require the borrower to carry Private Mortgage Insurance if borrowers don't provide a minimum 20% down payment. FHA mortgages are different and require the payment of an Up Front Mortgage Insurance Premium and an annual Mortgage Insurance Premium (MIP).
Purchase
Refinance
New Construction
Low Down Payment
Competitive Interest Rates
Manufactured Housing Allowed
Flexible Credit
Most Recent Paystubs (30 day period)
Most Recent 2 Months of Bank Statements
W-2’s (2 Years)
Tax Returns (2 Years)
Copy of your state issued ID/Driver’s License and Social Security Card