• Mike Fisher
    800-801-5626

    Branch Manager
    NMLS: 353528

fha loans

An FHA (Federal Housing Administration) loan is a loan insured against default by the FHA.

Apply Now

It's easy to understand why many people looking for a new home are turning to FHA insured loan programs. Because FHA Loans are insured by the Federal Housing Administration homebuyers have an easier time qualifying for a mortgage. Those who typically benefit most by an FHA loan are first-time home buyers and those who have 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. FHA insured mortgages are some of the best kinds of mortgages available. This is because they can help more people into the home buying market.

Get a No-Obligation Rate and Closing Cost Analysis!

Choose Your Option.

PURCHASE REFINANCE REFINANCE CASH-OUT

FHA Loan Benefits

Check out the list below to understand some of the most basic benefits of an FHA mortgage.

Easier to Qualify for – because they’re backed by the federal government lenders are more likely to give you the kind of loan that you need.

Low Down Payment – FHA insured mortgages only require a 3.5% down-payment which makes it easier for people to own homes. Additionally the 3.5% can come in the form of gifts, unlike many other loan programs.

Lower Credit Borrowers Qualify – because FHA insured loans are backed by the government those with a poor credit history have an easier time getting this kind of loan.

Better Interest Rates – with the backing of the government these loans typically have a better interest rate than most traditional mortgage loans.

Better Home Stability – the FHA has programs designed to help homeowners keep their homes during hard times. The will work with you to help your home from falling into foreclosure. Always try to work out problems with your lender before the situation becomes dire.



FHA Loan Checklist :

When you're 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

  • Past two years completed tax returns.

  • Past two years W-2's, 1099's and any other necessary tax forms.

  • One month worth of newest pay stubs.

  • Self-employed will need three years tax returns and YTD Profit & Loss Statement.

Savings Info

  • Past three months full bank statements for all accounts.

  • Any recent statements from investment accounts (retirement, 410k, mutual funds, etc.).

Personal Info

  • Driver's License or other official State identification.

  • Social Security Card.

  • Any Divorce, Palimony, Alimony Documents.

  • Green card or work-permit (if applicable).

FHA Qualifications

In order to qualify for an FHA loan, a borrower typically needs to meet this criteria:

- Proven employment status of at least 2 years.
- Steady or increasing income over a 2 year period.
- History of on-time payment. No more than two missed payments on your credit.
- If you've filed for bankruptcy you must wait at least 2 years and have good credit since you filed.
- Those with foreclosures must wait at least 3 years since the most recent foreclosure.
- Monthly mortgage payment should be roughly 30% of your gross income.
- You must pay a minimum of a 3.5% down-payment.
- Agree to 2.25% in closing costs
- Only certain properties are eligible - single-family homes, condominiums, double-wide manufactured homes, modular homes and 2-4 unit properties.
- The property must be your primary residence.


If you have more questions about FHA loans please call: 818-389-3938

FHA Streamline Refinance

If you already have an FHA mortgage then you might qualify for a FHA Streamline Refinance. An FHA Streamline Refinance is a great way for a borrower with an existing FHA backed mortgage to reduce their interest rate, reduce their payment or possibly both.

Here are some really cool facts about an FHA Streamline Refinance:

  • No Appraisal is Required
    because your loan is already guaranteed by your existing FHA loan, the FHA will allow you to use your home’s original purchase price as your home’s current value.

  • You can still refinance even if you are underwater
    even if you owe more than your home is worth, you might still be able to get an FHA Streamline Refinance loan.

  • There is no FHA prepayment penalty to worry about.

  • FHA Streamline refinance rates are the same as “regular” FHA loan rates.

  • Employment verification is not required with an FHA Streamline Refinance
    in other words, no paystubs, no W-2s or tax returns are required for approval.

  • Income verification is not required with an FHA Streamline Refinance

  • Credit score verification is not required with an FHA Streamline Refinance
    instead of checking your credit, your payment history is used to determine fi you qualify or not. You must have no late payments in the last 90 days and only one or less late payment within the last 12 months.



The Refinance Must Have A "Purpose"

Streamline Refinance applicants must demonstrate that there's a Net Tangible Benefit in the refinance or in other words a legitimate reason for refinancing. For Example:

- Refinancing from an Adjustable Rate Mortgage to a Fixed Rate Loan. - or Reducing your principal + interest + mortgage insurance 5 percent or more.

Your Loan Balance May Not Increase To Cover The New Loan Costs

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 costs -- origination charges, title charges, escrow -- 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.