FHA Loans

Minimum down payments of 3.5% and minimum Fico of 580.

FHA-loans-update
Benefits of an FHA Loan

Buying your first home? An FHA Loan might be just what you need. Your down payment can be as low as 3.5% of the purchase price with a minimum Fico score of 580.  Available on 1–4-unit properties.

What is an FHA Loan

An FHA Loan is a government loan insured by FHA. FHA insures mortgages so that lenders will be encouraged to make more mortgages available for people. The Federal Housing Administration (FHA) is part of the U.S. Department of Housing and Urban Development (HUD). FHA provides mortgage insurance on loans made by FHA-approved lenders, and insures mortgages on single-family homes and multifamily properties throughout the United States and its territories.

FHA mortgage insurance protects lenders against losses. If a property owner defaults on their mortgage, they will pay a claim to the lender for the unpaid principal balance. Because lenders take on less risk with an FHA Loan, lenders can offer more mortgages to homebuyers.

Mortgage Insurance Premium (MIP)

If you are an FHA-insured borrower, the Mortgage Insurance Premium (MIP) you pay as a part of your monthly mortgage payment is what makes the reduced downpayment on your mortgage possible. FHA uses these payments to insure your lender against losses if the loan goes to foreclosure.

Many homebuyers ask if they can stop paying FHA monthly mortgage insurance premiums with their mortgages. The FHA mortgage insurance agreement is between FHA and the mortgage company, so after closing you can contact your mortgage company and ask them what they require to drop the insurance. Most mortgage companies will want you to have a substantial amount of equity in your home.

Up Front Mortgage Insurance Premium (UPMIP)

An additional requirement for an FHA Loan is the UPMIP, or the “up front mortgage insurance premium”. UPMIP is required for most of the FHA’s Single Family mortgage insurance programs. This does not have to be paid out of pocket, but can be rolled into your loan.

 

 

Disclaimer:  Mortgage options are funded by 3rd party Lenders, and all underwriting requirements are based on 3rd party Lenders and Investors.  Guidelines and mortgage options requirements and are subject to change.  This is not a promise or commitment for a mortgage loan. Mortgage loan options may not be available in all States. For full licensing information, go to:  www.nmlsconsumeraccess.org.    

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LISA HOME MORTGAGE, LLC. NMLS 1758932. Full licensing information, go to: NMLSConsumerAccess.org. Equal Housing Opportunity. This Licensee is performing acts for which a Mortgage Broker license is required. LISA HOME MORTGAGE, LLC, DBA LISA HOME MORTGAGE. The content in this advertisement is for informational purposes only. This is not a promise for a mortgage. This is not an offer for an extension of credit or a commitment to lend. Loan Approval is not guaranteed and is subject to lender review of information. All loans are subject to underwriting guidelines and guidelines are subject to change without notice. All loan options are funded through 3rd party Lenders. Loan descriptions are based on associated Lenders, Investors, and underwriting requirements. Loan is only Approved when the lender has issued an approval in writing. Specified rates are subject to change without notice due to market conditions. LISA HOME MORTGAGE is approved to broker FHA and VA loans to approved lenders. LISA HOME MORTGAGE is not affiliated with any government agency. Loan programs may not be available in all States. Licensed by the Pennsylvania Department of Banking - License 71074; Delaware Broker - License 03114; California Department of Financial Protection and Innovation Financing Law - License 60DBO-124075; Colorado Division of Real Estate Mortgage Company Registration; Alabama State Banking Department Mortgage Brokers - License 23071; Louisiana Residential Mortgage Lending License Office of Financial Institutions – License 1758932; Texas Department of Savings and Mortgage Lending Mortgage Company - License 1758932.