The Federal Housing Authority (FHA) was instituted by the Department of Housing and Urban Development during the Great Depression. The purpose was to make it easier for people to purchase homes, resulting in an increase in home ownership. Since its inception, this program has helped countless families purchase homes. This option is often a good choice for first time home buyers.

Some of the benefits of an FHA mortgage loan include a lower down payment and lower mortgage interest. The rates are typically lower on both fixed and adjustable rate mortgages. The down payment is generally between three and five percent, which is substantially lower than conventional home loans. This makes it easier for first time home buyers to purchase a home, since less is needed for closing.

Speak to one of our highly qualified and experienced mortgage professionals to determine your eligibility for FHA mortgage programs. General requirements include continuous employment for the past two years, debt to income ratio limits, loan limits regarding the maximum that can be borrowed and private mortgage insurance. Your credit doesn’t have to be perfect, but there are specific requirements in this area as well.

The best way to determine your eligibility for an FHA home loan or mortgage refinance is by consulting with a professional in the industry. Our team specializes in residential mortgage loans and every professional we employ has over five years experience in this area. We understand that no two situations are alike and offer personalized service to meet your unique needs.