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FHA Preserving and Protecting Homeownership Since 1934: Still Helping Today!
Let's face it: today's housing market is challenging for those seeking to buy a home, or who already own their own home. Predatory lending, creative mortgages and a dramatic increase in sub-prime lending have created financial strife for many hardworking Americans. Believe it or not history is repeating itself.
In 1934, Americans were facing a lending situation similar to the one we are experiencing today. Many of the mortgages then were interest-only and had balloon payments that became due about the same time, causing financial distress for many homeowners. FHA was created to provide safer alternatives for homebuyers and homeowners and still does so today.
Affordable, reliable, dependable, FHA mortgages are backed by the federal government so that lenders can offer their customers market rates. FHA is the nation's largest mortgage insurer and provides lenders with protection against losses. The FHA makes it possible for those with less than perfect credit to own or keep their home without relying on exotic mortgage products.
Unfortunately, buyers who were eligible for FHA insured mortgages have been lured into loans that can reset at much higher interest rates, or are interest-only. If you find yourself facing this serious situation or if you are interested in buying a home and want to avoid exotic loans, there is a safer alternative - FHA. Simply put, FHA is always there for you.
* No minimum credit score required
* Fixed rate or adjustable rates
* Low down payment requirements
* No pre-payment penalty
In addition to providing affordable loans, FHA can help you better understand your own financial health before securing a mortgage and can prevent foreclosure. Education is key. A HUD approved housing counselor can help you understand a wide array of issues including financing basics, loan options and fair housing.
Additionally, our loss mitigation program allows lenders to assist borrowers in default and has three valuable benefits:
* Special Forbearance – a repayment plan based on your financial situation
* Mortgage Modification – "restructures" overdue mortgage payments into a new mortgage
* Partial Claim – a one-time payment from the FHA insurance fund to your lender to bring your mortgage current
Buying or refinancing your home is one of the most important and complex financial decisions you’ll ever make. Take the first step. Insure your American dream and secure your financial future.
Apply for an FHA insured mortgage today.
