Flex Your Mortgage Muscle!
Flex your mortgage muscle with an FHA loan. Our goal is to provide mortgages that are sustainable and will lead to home ownership without financial challenges!
Who would benefit from FHA loans?
FHA loans may best fit your borrower if one or more apply to them:
• First time homebuyer
• Don’t have a lot of money to put down
• Wants to keep payments as low as possible
• Worried about qualifying due to credit issues
• Had a recent bankruptcy
Why choose an FHA loan?
FHA-insured loans offer many benefits that you won’t find in other loan including:
• Lower cost: FHA loans have competitive interest rates because
the HUD insures the loans for lenders. This allows the lenders to take the risk and be more competitive when lending.
• Smaller down payment: FHA loans have a low 3.5% down payment and the money can come from a family member, employer or charitable organization as a gift. Most other loan programs don’t allow this.
• Easier qualification: Because FHA insures your mortgage, lenders may be more willing to give you loan terms that make it easier for you to qualify.
• Less than perfect credit: You don’t have to have perfect credit to get an FHA mortgage. In fact, even if you have had credit problems, such as a bankruptcy, it’s easier for you to qualify for an FHA loan than a conventional loan.
NEW FHA portfolio product (Min. FICO 580):
• Max debt ratios 31/43*
• Max loan amount is $417k or county limit
• Manual underwrite required
• Reserves required *In some cases may go higher with compensating factors Standard FHA loan (Min. FICO 620)
• 96.5% LTV for purchase loans
• 97.75% LTV for rate/term refinances
• 85% LTV for cash-out refinances
• Flip properties ok
• High balance loans to $625,500 with a 620 score
• Use on-occupying co-borrowers to qualify
• Back to work program
Call us today at 904-591-3662 or email us at Linda@mortgagesbylinda.com for more information!
The FHA does not give money to people for a home and it does not set the interest rates on mortgages it insures. FHA insures loans for lenders against defaults. You may use an FHA-insured mortgage to purchase or refinance a new or existing 1-4 family home, a condominium unit or a manufactured or mobile home (provided it is on a permanent foundation).