It's easy to understand why many people looking for a new home are considering FHA-insured loan programs. Because the Federal Housing Administration insures FHA Loans, homebuyers can easily qualify for a mortgage. Those who typically benefit most from an FHA loan are first-time home buyers and those with less-than-perfect credit.
As FHA Loan specialists, we can help you understand any new changes to the FHA loan program. We're here to create a customized solution that works best for you and your family.
At Nexa Mortgage, we want to help you understand how an FHA mortgage loan works. The Federal Housing Administration (FHA) doesn’t loan any money; they insure it. This means that you’re considered a less risky borrower than someone who might not have the federal government's backing. Our role is to ensure you qualify for an FHA mortgage and structure our loan to reflect it.
The other pages in the FHA loan center can help you understand more about this unique program. Whether you are trying to determine if you qualify or are interested in finding out what kind of documentation you’ll need to get your loan, ultimately, our site can provide you with the information you seek.
The official Housing and Urban Development website is essential for considering an FHA loan. There, you can find even more answers to questions and learn more about insuring your loan through the Federal Housing Administration.
FHA-insured mortgages are some of the best kinds of mortgages available. This is because they can help more people in the home-buying market. Check out the list below to understand some of the essential benefits of an FHA mortgage.
Easier to Qualify for – because the federal government backs them, lenders are more likely to give you the loan you need.
Low Down Payment – FHA-insured mortgages only require a 3.5% down payment, which makes it easier for people to own homes. The 3.5% can also come in gifts, unlike many other loan programs. Specific Lenders Might also offer Down-Payment Assistance Programs that cover the 3.5% downpayment, allowing you to use your funds to cover other expenses.
Lower Credit Borrowers Qualify – because the government backs FHA-insured loans, those with a poor credit history have an easier time getting this loan.
Better Interest Rates – with the government's backing, these loans typically have a better interest rate than most traditional mortgage loans.
Better Home Stability – the FHA has programs to help homeowners keep their homes during hard times. They will work with you to help you avoid falling into foreclosure. Always work out problems with your lender before the situation becomes dire.
When applying for an FHA loan, the following list of documents will help expedite the process. We can help you understand any part of the FHA loan process, so don't hesitate to contact us with any questions.
Employment Info
Savings Info
Personal Info
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?
What makes a FHA-insured mortgage beneficial?
Where can I find FHA forms and other literature?
What is the FHA loan limit in my area?
Can I pay an FHA loan early?
Can an FHA-insured loan help me lower energy costs?
Is there a FHA program to help me refinance my loan?
Can I refinance a fixed-rate FHA loan?
What is the recommended debt-to-income ratio for FHA loans?
Are FHA loans assumable?
Will I have to pay mortgage insurance with an FHA loan?
Can I get a "fixer-upper" of a home with a FHA mortgage?
To qualify for an FHA loan, a borrower typically needs to meet this criteria:
You might qualify for an FHA Streamline Refinance if you already have an FHA mortgage. An FHA Streamline Refinance is an excellent way for a borrower with an existing FHA-backed mortgage to reduce their interest rate, payment, or possibly both.
Here are some cool facts about an FHA Streamline Refinance:
Streamline Refinance applicants must demonstrate a Net Tangible Benefit in the refinance or, in other words, a legitimate reason for refinancing. For Example:
The FHA prohibits increasing a Streamline Refinance's loan balance to cover associated loan charges. The new loan balance may increase but only by the cost of the Upfront Mortgage Insurance Premium. All other expenses- origination charges, title charges, escrow charges- must either be paid by the borrower as cash at closing or credited by the loan officer in full.
These materials are not from HUD or FHA and were not approved by HUD or a government agency, and in some cases, a refinance loan might result in higher finance charges over the life of the loan.
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Nexa Mortgage NMLS# 1660690
Brandon Respress NMLS# 2459346
Serving GA and FL Residents
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3100 W Ray Road #201 Office #209 Chandler, AZ 85226
BJR Solutions LLC
1201 W Peachtree St NW Ste 2625 PMB 249375, Atlanta GA 30309-3344
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