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FHA Mortgage Loan Options

FHA loans allow you to purchase property with a lower down payment than if you were to go with a conventional loan or refinance to lower your current payment.

FHA Fixed Rate Mortgages

FHA 15 Year Fixed Rate Loan:

  • All the benefits of a 30 Year Fixed Rate Loan

  • Save thousands in interest over the life of the loan

  • Build equity faster

  • Pay your house off sooner

 

FHA 30 Year Fixed Rate Loan:

  • Low-interest rates and monthly payments
  • No prepayment penalties
  • Low down payment option
  • Gift funds allowed
  • Ability to Refinance

 

FHA 203k 30 Year Fixed Rate Loan:

  • 203k is a renovation loan program designed for borrowers buying homes for rehabilitation or to make improvements to their existing property

FHA Adjustable Rate Mortgages

FHA 5/1 Adjustable Rate Mortgage:

  • Keeps interest rates low for 5 years
  • Introductory interest rates are typically lower than fixed rates
  • Good for buyers who plan to own the home for a short time or refinance in a few years

FHA Streamline 30 Year Fixed Rate Refinance Loan

  • Convert an adjustable rate into a fixed rate mortgage
  • Lower the payment by lowering the current interest rate
  • Require less documentation than a traditional loan
  • No appraisal required
  • No credit check
  • No income documentation
  • Easy to qualify

FHA 203k Streamline 30 Year Fixed Rate Refinance Loan

  • Allows borrowers to cash out up to $35,000 to pay for improvements or renovations to the property.

 

FHA Streamline 5/1 Adjustable Rate Refinance Mortgage:

  • FHA 5/1 ARM establishes a lower initial interest rate for the first five years, then the market determines your rate
  • Adjustable Rate Mortgages typically have lower rates than fixed-rate loans
  • Useful if you plan on selling your home in the near future.