FHA Loan Types
Adjustable Rate Mortgage
FHA adjustable rate mortgages are designed for low to moderate income families. This
program can help keep initial interest rates and mortgage payments as low as possible. The
interest rate on this loan product will adjust after 2 to 3 years, depending on what loan
product you choose.
Fixed Rate Mortgage
FHA fixed rate loans benefit those who would like to buy a home but don't have a large downpayment. This loan products allows you to finance up to 97% of the sales price of
the home. The interest rate on this loan product is set for 15 to 30 years, depending on what
loan product you choose.
FHA Refinance Products
Option 1
FHA Streamlined Refinance (for current FHA borrows)
FHA streamlined refinance is considered streamlined because it reduces the interest rate on your current FHA home loan quickly and often without an appraisal. This loan product also cuts down on the amount of paperwork that must be completed saving you valuable time and money.
NO - Appraisal
NO - Credit check
NO - Income verification
To qualify for a Streamlined Refinance you must currently have an FHA loan in good standing.
When you refinance to a FHA insured mortgage, you can expect a lower monthly mortgage payment.
Option 2
FHA Refinance
Enjoy the flexibility and benefit of FHA loan products even if you don't current have an FHA loan. Lower your rate, lower your monthly payment.
When you refinance to a FHA insured mortgage, you can expect a lower monthly mortgage payment.
Option 3
FHASecure Refinance (New)
BUSH ADMINISTRATION TO HELP NEARLY ONE-QUARTER OF A MILLION HOMEOWNERS REFINANCE, KEEP THEIR HOMES
FHASecure is a refinance option for homeowners that are stuck with mortgage payments that keep going up. Many homeowners in this situation are having trouble making the new higher monthly payment. This program is designed to help you get a lower payment despite problems with your credit history. You can qualify for this program even if you are currently behind on your mortgage payments.
When you refinance to a FHA insured mortgage, you can expect a lower monthly mortgage payment.