An FHA loan provides a government-insured loan with flexible loan options. Even experienced homeowners may need to plan for a long tim
Ready to pay less in interest on your mortgage and lower your monthly payments? A refinance may be the right step for you.
A mortgage refinance is the replacement of an existing mortgage with another mortgage under different terms. Mortgage refinancing can lower your monthly payments, which can add up to significant savings.
Knowing your current refinance mortgage rates is important. 717 Mortgage Group can keep you informed and help decide when a refinance may be best.
We offer information on a variety of mortgage refinancing rates and options. When you are ready to take the next step, contact 717 Mortgage Group. We can advise you on which mortgage refinancing program meets your needs.
e for a new home purchase. Fortunately, FHA loans may help some buyers get into the home of their dreams with a lower down payment.
FHA loans are mortgages backed by the U.S. Federal Housing Administration. Lenders, such as banks and credit unions, that provide FHA loans provide funding for home purchases while requiring a lower down payment. Buyers may get into a new home with as little as 3.5% down.
Using conventional loans, a lower down payment requires the borrower to get private mortgage insurance. This special type of insurance protects the lender just in case the borrower is not able to pay. The cost of PMI is added to the monthly payment until the amount of the loan reaches 20%. FHA loans, on the other hand, do not require PMI because they are backed by the U.S. government. Additional scrutiny is often required during the loan application process using an FHA loan.
Many of the same documents are required for an FHA loan that any potential lender will want to see: employment history, appraisal, debt-to-income ration. A few additional stipulations are also attached to the FHA loan process. Buyers may have to bring 3.5% of the purchase price as a down payment, more if they have a credit score below 580. FHA loans are only available for the borrower’s primary residence.
Credit requirements may also be lower for FHA loans, given other factors demonstrate that the borrower is able to manage their money responsibly. Each lender looks at individual applications and may ask for additional documentation or explanations. They are often able to work with buyers with a lower credit score or shorter credit history than in other situations.
Have questions? Give us a call! One of our mortgage specialists would be happy to answer all of your questions.
**717 Mortgage Group is not affiliated with or acting on behalf of or at the direction of FHA, VA, USDA or the Federal Government.
Fill out the questionnaire on this page to start a discussion about your mortgage needs today!