Mortgage Lenders Extend Low FHA Loan Rates on Options for Refinance and Home Purchase Programs for All Types of People in the U.S.
The Federal Housing Administration announced they were extending more government insured FHA home loan programs for American borrowers. Let us connect you with approved FHA Lenders that provide competitive FHA home mortgages. Most of our lending partners were pleased when HUD announced revised limits on FHA loans with low rates and finance options for homebuyers. Now even homeowners with below average credit scores are able to qualify affordable fixed rate FHA house loans in some cases. There is no pre-payment penalty with any FHA home loan programs. Are you searching for an HUD approved FHA mortgage company that offers competitive rates for streamline, cash out refinancing and FHA loans for first time home-buyers.
Compare FHA Loan Programs and Home Mortgage Rates Online
Guidelines have seen significant changes over the last few years and the requirements are changing for both refinance and purchase transactions. With aggressive lending parameters and record low rates, now is the time to consider a FHA loan.
Learn How to Qualify for FHA Home Mortgages with Low Credit Scores or No Previous Mortgage History: Even if you have low fico scores, the bad credit FHA home loan programs may provide you the opportunity to lock into a low fixed rate that reduces your housing expenses monthly. The Federal Housing Administration has always maintained reasonable financing programs for first time home buyers with modest down-payment requirements and relaxed credit score requirements. This website connects 1st time buyers with HUD approved FHA loan lenders in all 50 states.
FHA Home Financing for Limited or No Credit for 1st Time Home Buyers
FHA has also been helping non-homeowners buy their first home without requiring a significant down-payment. Borrowers with limited or bad credit can qualify for a competitive low rate FHA home mortgage that can be refinanced with the streamline program any time the interest rates improve.
Find government lenders that provide helpful information regarding FHA house loans that have assisted thousands of homeowners with less than perfect credit obtain a competitive rate for their first home loan. First time homebuyers can take advantage of 97% FHA home purchase loans and 100% home financing available with the My Community loans sponsored by Fannie Mae.
FHA Home Loans for People with Little or No Equity or Poor Credit Scores: If you do not qualify to refinance your mortgage and you need a more affordable payment to survive, ask your loan officer about the latest FHA mortgage programs or the revised government relief initiative, the HARP is available to qualified borrowers who have underwater mortgages owned by Fannie Mae or Freddie Mac. The streamline has been used as a similar underwater solution for a no equity FHA home refinance loan. Ask your loan officer to help you determine if either one of these loan options is available with your credentials.
Many of our lenders recommend FHA loan programs because they provide a vehicle that assists existing homeowners by enabling them to convert their adjustable rate mortgage to a fixed rate and even a reduced monthly payment. FHA home loan financing was created to ensure affordability for all Americans with fixed housing payments for 15 and 30-year amortization schedules. People like the FHA mortgage because the guidelines are flexible and the ability to obtain low interest rates remains real.
These government home loans have become the most popular mortgage in the nation for refinancing and new home purchases. Even with the foreclosure epidemic, more borrowers are turning to FHA to finance homes that were recently foreclosed upon. With the FHA mortgage, homeowners can count on market-low mortgage rates for cash out refinancing and streamline loans.
FHA Home Loan and Refinance Benefits
Poor Credit Scores Are OK with Compensating Factors (ie. no late mortgage payments in last year, more equity, high amount of assets, etc.)
FHA Loans allow you to Refinance 1st & 2nd Mortgage Loans into a better loan with a Fixed Rate
• Refinancing out of Chapter 13 Bankruptcy with a good BK and home loan payment history. Bad credit FHA home loans are available for borrowers with scores as low as 500.
Unfortunately many homeowners believe they would not qualify to refinance their existing home loan or qualify to buy a new home because they were recently late on their consumer bills like credit cards or car loan payments. In most cases the credit scores for these homeowners have plummeted below the accepted threshold that mortgage lenders require. These government programs offer a unique opportunity and FHA loan rates are at their lowest level in 50 Years!
Our FHA home loans are underwritten by D.E. underwriters manually who consider your entire credit history and evaluate compensating factors that often translate to an approval to refinance or purchase.
FHA Home Mortgage Loans Guarantee 30 Years of Fixed Interest Rates with No Pre-Pay Penalty!
Breaking News - FHA Home Loan Amounts Increased with
Loan Amounts from $417,000 to $729,750
New Law Passed raised loan limits for purchase and refinance loans across the country!
As hoped for, the FHA home loan legislation will increase the current loan limit from $362,000 to at least $417,000.
By a landslide, the Senate passed new mortgage lending legislation that approves expansion for the country's largest federal homeownership program. This long awaited vote will enable thousands of borrowers who were restricted previously because their loan amount exceeded the FHA limits.
Many government officials believe that this could be the first step in aiding many of the struggling homeowners who have been stuck in a sub-prime mortgage with a rising adjustable rate. The FHA and government officials have made a concerted effort to prevent foreclosure with their innovative loan programs.
The Department of Housing and Urban Development may not keep insuring high loan amounts forever. As it sits now, on December 31st 2016, the FHA loan limit of $729,750 will expire. Unless Congress passes a new bill that revises the 2017 FHA limits, the maximum insured lien will be capped at $625,500. It's no coincidence that this will be set at the conforming limits of Fannie Mae and Freddie Mac.
Compare FHA Home Loans for Buying or Refinancing
It's no secret that HUD has tightened guidelines for FHA home loan programs in the last few years. While the changes have hindered some borrowers, most consumers have not been adversely affected by the new FHA requirements for both home purchase and refinance transactions. FHA mortgage insurance premiums were hiked and for the first time ever, FHA implemented a minimum credit score off 500 for FHA home loans. In 2013 we do not anticipate too many more changes but many loan professionals believe that HUD may actually loosen the guidelines going forward for most of these loan programs.
Maximizing Affordability When Buying Down the FHA Rate
Did you know that FHA allows applicants to buy down the interest rate on their fixed-rate loan? This is called a 2-1 buy downs. Mortgage lenders are required to qualify consumers at the note rate rather than the interest rate that was bought down. In this type of transaction, the borrower deposits money in an escrow account in an effort to offset lower interest payments the first 2-years of the term. For, example if a person qualified for a FHA home loan at 4%. They would pay 2% the 1st year, 3% the 2nd year and then start paying the interest rate on the note thereafter.
The FHA Secure was created to help borrowers who were behind on their mortgage payment because of the increased mortgage payment when their ARM reset. If you are a borrower who was never late on your mortgage payment prior to the adjustable rate increasing, you may qualify for a low fixed rate refinancing sponsored by FHA. At the time, homeowners were striving to save money by refinancing their variable rate credit card debt into a 95% loan that offers cash back. Today the FHA home loan programs cap cash out refinancing to 85%.
More families are becoming homeowners with the new FHA home loan initiatives.
HUD has introduced new loan programs with finance options for manufactured homes and condominiums that meet the specifications outlined by the Federal Housing Administration.
With the recent subprime lending collapse, FHA financing has become cool again, as mortgage lenders and brokers are flocking to the latest FHA programs. According to, Nationwide Chief Economist, Kevin Grant, "The FHA home mortgages are good for the country and good for the nation's economy, because these loan programs enable more Americans to own homes."
The Federal Housing Administration does require applicants to have some capital invested from their end. FHA believes the borrower is less likely to default if they come up with a 3.5% down payment based on sales price or appraised value. However, underwriting allows for the down-payment to be from the borrower's own funds, gift funds or housing authority grants.
There are many misconceptions about an FHA home mortgage that should be cleared up. FHA guidelines offer borrowers with poor credit scores a 2nd chance. FHA mortgages also provide a rare opportunity for consumers to become homeowners with a minimal down-payment. FHA requirements include full income documentation and no stated income options for borrowers, unless applying for an FHA streamline that in some cases could waive normal documentation.
First of all, some homeowners are under the impression that borrowers must finance FHA loans through the Federal Housing Administration. The Federal Housing Administration does not make loans of any kind. The Federal Housing Administration, also known as the FHA does guarantee the loans with insurance for conventional lenders who do offer FHA home mortgages. So in a sense, the HUD helps securitize loans from FHA and over the years they have been risen, declined and risen again.
FHA Home Loan Features for Buying and Refinancing
96.5% New Home Purchase loans
85% Cash Refinancing on FHA Home Mortgages
Finance Money for Debt Consolidation to 85%
Finance Home Repairs with 203k
Finance Energy Efficiency with Solar Energy
30 Year Fixed FHA Home Mortgage Rates
Past Bankruptcy OK- Credit Score Above 500
FHA Lending has expanded its programs with fixed rate refinancing solutions for people with high rate ARM's.
HUD announced that risk-based premiums were implemented on FHA home loans in 2014. This may increase the opportunity for homeowners with poor credit to find a refinancing solution to their costly adjustable rate mortgage payments. Check with FHA approved lender for requirements and limitations.
The Federal Housing Administration is a branch of the Department of Housing and Urban Development and provides lenders with insurance on your loan. The FHA is here to help you become a homeowner. These FHA loan programs were specifically designed to help revitalize certain regions to help increase the affordability and general well beings for these under-appreciated areas.
Good FHA Loan Advice
Can FHA Loans be Used for Refinancing?
The Federal Housing Administration insures a popular refinancing option that requires the borrower to have very little equity. President Obama rolled out several new home loan programs with Hope for Homeowners, Home Affordable Refinance and the Streamline. These FHA initiatives help homeowners who are stuck with high rate adjustable mortgage to find a responsible fixed rate refinance loan with payments that the borrowers can afford.
Do I need use FHA mortgage lenders for all FHA loans?
The Federal Housing Administration or the Housing of Urban Development does not provide home financing. They guarantee home mortgages with loans offered by FHA approved lenders. This eases the lending restrictions for taking out a home loan because the lenders are confident that FHA protects them in case of payment defaults.
Do I have to use my home as my primary residence when I finance with an FHA home loan?
Yes. The Department of Housing and Urban Development mandates using owner occupied the properties when purchasing a home with FHA mortgages.
What is the minimum credit score with FHA?
For over 70 years, there was no minimum fico score with any finance program that was insured by the Federal Housing Administration. Because of a recent increase in delinquencies and foreclosures, the administration was forced to introduce a minimum credit score requirement on all FHA home loans which was set at 500. With the minimum score being so low, people with all ranges of credit continued to get access to FHA home mortgages.
How long do I have to wait after a bankruptcy to refinance with FHA?
In the past borrowers had to wait 3-years, but recently HUD reduced that requirement to 12 months.
What is the length of period I must wait for FHA refinancing after a foreclosure?
Just like the bankruptcy guidelines, people only need to wait 1-year to buy or refinance after a foreclosure or short-ale.
Can I take out an equity loan with FHA? No, the Federal Housing Administration only insures 1st mortgages that meet the criteria outlines by a direct endorsed underwriter. However FHA does not prohibit a borrower from taking out a home equity loan that subordinates to a FHA loan.
How Fannie Mae, Freddie Mac and FHA Home Loans Helped Saved the Mortgage Industry During the Recent Housing Crisis
Street and the Secondary Market took down the home loan market by calling notes, cancelling warehouse lines and refusing to buy mortgage loans that were brokered. Property values began to drop and payment defaults rose because refinance loan programs that are normally available disappeared. The credit crunch devoured property values and bank accounts as homeowners suddenly could not afford their increasing mortgage payments. Subprime financing from traditional lenders have almost disappeared, but the FHA loan programs continue to finance new borrowers and existing homeowners with better mortgage terms via refinancing.
According to a recent home financing article "FHA Mortgage Update" has had a significant role in aiding the housing industry recovery according to CFB bank execs. The Federal Housing Administration (FHA) will likely boost its share of the mortgage market to as high as 12% in coming months as it picks up homeowners who are unable to locate any subprime or private mortgage programs. In late 2007, President Bush announced FHASecure, a program that allows families with strong credit histories who had been making timely mortgage payments before their loans reset - but may now be in default to qualify for refinancing with an FHA home loan. The Obama administration has extended the relief with Hope for Homeowners, in addition to the FHA modification that has been extended to qualified borrowers. (FHA Secure and Hope for Homeowners programs have been placed on hold.)
Do FHA Home Mortgage Programs Still Allow Low Credit Scores?
The minimum credit score is only 500, so this enables new opportunities for borrowers that have credit issues in their past. For those who don't qualify for the FHA Secure or the Hope for Homeowners, the FHA implemented risk-based premiums in January of 2009 that match the borrower's credit profile with the insurance premium they pay, providing FHA refinancing options for people with bad credit scores so they can refinance option ARM's with negative amortization. Fixed rate mortgage refinancing is the only chance these people have to save their homes from foreclosure. The only caveat: 96.5% loan to value with FHA. With decreasing property value, some borrowers may not have 96.5% loan to value. Where can they turn? The HARP 2.0 program has no loan to value limits so underwater homeowners may have a good solution if they have a mortgage owned by Fannie Mae or Freddie Mac. FHA customers that have underwater loans have a new opportunity with the streamline program. These loans are insured by the Federal Housing Administration and the mortgage insurance premium is reduced.
FHA Loans Are Designed To Be The Ideal First-Time Home Buyer Solution
Even if you have no experience in the world of real estate, you can still apply and be approved for an FHA home loan quickly and easily. The Federal Housing Administration does not issue loans, but instead qualifies lenders who then work with you. Qualified mortgage companies have detailed answers to all of your lending questions.
Now is an ideal time to seek out an FHA house loan. People all around the United States have qualified for them, helping lead to an all-time high in the level of home ownership. However, FHA loans are affected by market conditions, so it is important to act fast. Interest rates are climbing, so taking action as soon as you possible may help protect you for many years to come.
For over 80 years, Americans have been blessed with FHA loan programs that have stimulated homeownership, ensured affordable housing costs and offered second chances for people with low fico scores with the FHA home loans for bad credit ratings. Recently, HUD eased the guidelines so that people that had a bankruptcy, foreclosure or short sale a year ago could be eligible for a refinance or FHA home purchase loan. FHA Mortgage for Bad Credit History
Podcast: Loan Talk
"Refinancing with FHA Home Loans"
Press Play To Hear Podcast
BD Nationwide discusses new refinancing opportunities with FHA Home Loan Programs that allow higher limits on loan amounts with additional cash out options. Guidelines change frequently so it is imperative to stay updated on new lending programs that arise all the time.
FHA Home Loan Testimonials
"For many years we longed to buy a home but because of past problems with our credit we were always discourages by realtors. A friend referred us to this website and they helped us meet mortgage companies that offered special programs for first time buying with FHA home loans. The company delivered a pre-approval letter and that help us get our offer accepted. The interest rate was competitive and we paid no points on this FHA backed mortgage. Thanks for all of the hand holding as we really appreciate it." The Turner Family
"We kept getting turned down by other lenders until we found Nationwide, who refinance our mortgage with a fixed FHA loan that had no problem with our past BK or bad credit. We saved over $500 a month!" The Campbells
Free Finance Guides & Helpful Consumer Reports
Take advantage of our free guides and disclosures that provide answers to 1st time homebuyers with FHA home loan help.
Maximize our FHA knowledge of HUD home refinancing. Keep in mind that FHA loan limits vary based on state and cost of living indexes. High cost areas in the country typically allow for higher loan limits, so ask your loan officer where county's mortgage loan limitations are set at. FHA home loan limits vary from state to state, so talk to one of our FHA lenders to uncover possible solutions to your needs.
Please note that this is not an advertisement for credit. Nothing on this site contains an offer to make a FHA mortgage for any purpose with any specific terms. BDNationwideMortgage.com cannot make FHA home loans. This site cannot guarantee FHA loan rates or terms as they are subject to change without notice. BDNationwideMortgage.com is not affiliated with the Federal Housing Administration or any other government entity. Nationwide was affiliated with a federally chartered bank located in Maryland licensed to offer home loans in all 50 states. Loan limits may vary based on county and state. Interest rates are subject to change so check with loan officer and discuss interest rate lock option on FHA home loans.