Real Estate and Mortgage Glossary

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FHA Home Loans:
  • Fixed monthly payments
  • Competitive rates for borrowers with lower credit scores
  • Only 3% down payment required
  • Lower monthly PMI
  • Full Documentation Loans Only
  • Streamline Refinanance Availability

FHA Home Loans are secured by the Federal Housing Administration. These loans have been designed to assist borrowers with extenuating circumstances such as lower credit scores. As lending guidelines tighten up more and more individuals are finding themselves obtaining FHA loans. FHA loans are very similar to conventional 30 fixed rate loans. You can obtain a loan in a 15 or 30 year term with a fixed rate. The only difference is a loan limit (which varies by region – commonly set at $362,000)

Anyone can get a FHA loan and borrowers putting less than 20% down will benefit by lower monthly PMI payments. Additionally these loans have a great feature for borrowers called a Streamline Refinance. A Streamline Refinance is the ability to refinance your current interest rate to a lower interest rate at ABSOLUTELY NO COST.

That’s right, No Cost! Credit, Employment, Income or Asset verification is not necessary for the refinance and additionally no appraisal is required. You can refinance your loan an unlimited amount of times as rates drop. This was designed to reward borrowers that make their payments on time.