Check out FHA mortgage loans and new FHA limits, standards and guidelines by state ensure interest rate incentives and pricing regionally for home purchase and refinance loans. BD Nationwide puts you in touch with Approved lenders that offer low rate FHA mortgages across the country to qualified consumers. We continue to provide a multitude of government mortgage loan options that ensure competitive FHA mortgage interest rates with loan amount limits that are state specific.
See Attractive Offers for the Best FHA Mortgages
There are several new FHA mortgage refinance products, with Hope for Homeowners being the most popular for distressed borrowers facing foreclosure. The government also provides Americans with more “purchase power” under FHA home financing umbrella.
Check FHA Mortgage Loan Limits for all 50 States
Ask your FHA approved loan officer about state specific loan incentives that may enable you to lower your mortgage payment even more. HUD regulates the limits on FHA loan amounts that vary from state to state based on cost of living conditions. FHA guidelines changed this year with the down-payment requirements being raised to 3.5%. In most cases, borrowers are taking out FHA home loans for rate and term, cash out, bill consolidation and new home purchases. Recent reports revealed rates on FHA mortgages fell below on 4% fixed on thirty year terms. Find out what payment and rate are available with your credentials.
Affordable Fixed Rate FHA Mortgage Loans for Buying or Refinancing
Since the Housing of Urban Development increased the FHA home loan limits for refinance and purchase a few years ago and loan application volumes have increased over 60% from the previous year. FHA limits rose as high as $729,750 in high cost areas across the country. Whether you need to refinance out of your high rate ARM or get cash out and consolidate bills, our FHA lenders can help you with FHA mortgage loans. Our loan officers will help you understand FHA guidelines and lending requirements. FHA guarantees low mortgage rates and fair lending for all borrowers in the United States.
Do FHA Mortgage Guidelines Extend Loans for Home Buying and Refinancing?
Until a few years ago the Federal Housing Administration was best known for helping first time home buyers finance their 1st homes. Once the subprime lending eroded, the government expanded FHA mortgage programs and borrowers began choosing FHA for refinancing and home buying. FHA rates are low but borrowers must pay mortgage insurance monthly whether they are taking out a purchase or refinance loan.
5 Factors in Qualifying For an FHA Mortgage Loan
FHA mortgages remain some of the best options for those looking for an easy way to get a mortgage that will work for them. Hallmarks of FHA mortgage programs include very flexible underwriting guidelines that make it easier to qualify for, easy down-payment requirements, and agreeable terms. It’s a great option for first time home buyers and stands out as one of the best paths towards home ownership that currently exists.
However, as great as it is, there are still requirements in place that you’ll have to meet in order to qualify for FHA mortgages. Luckily, these requirements are easy to understand and for most people are very easy to meet. Here are the 5 major factors for qualifying for an FHA mortgage loan:
1. Those borrowing the money must certify that they’re willing to live in the home for a set period of time. This is to prevent those looking for investment properties or second homes from taking advantage of the program. Because the FHA loan is primarily designed as a way for first time home buyers to fulfill their dream, it makes sense that those who receive the loan would be required to live within the home.
2. Buyers will need to have a 3.5% down payment as well. FHA loans will cover 96.5% of the overall cost of a home, but the remainder will need to be paid by the borrower. This is simply to show that a home buyer is serious about their home and their future within it. In some cases, assistance in coming up with that down payment may be available.
3. Your income will need to be enough to qualify you for the loan. Debt to income ratio should fall within 28 to 36 percent in most cases, and you’ll need to provide documentation about your income. Additionally, an applicant’s loan amount can’t be higher than 31% of their total gross effective income.
4. Credit ratings do have an impact on FHA mortgage loan qualification, but in many cases the credit requirements are slightly less strenuous than they are in standard loan situations. A standard credit check just like those used in any loan situation will be done to ensure that credit exists, and as a result it is always in an applicant’s best interests to maintain good credit. However, some FHA loans for bad credit may exist, and it’s important to pursue all options. Low credit scores can be allowed depending on circumstance.
5. Mortgage insurance will be a requirement as well. This is usually set up during the process and handled by a representative of the lending organization. It’s a simple process and one that will fully protect an investment in a home.
FHA mortgage programs have been used by countless home buyers looking to get a loan and get into their first home. Since there are even FHA mortgage loans for bad credit holders, it’s a viable option for anyone and should never be overlooked by those in the market for their home.
Compare FHA Mortgages to Fannie Mae
When buying a new home, millions of Americans have chosen the FHA mortgage to help finance their first time home buying endeavors. FHA rates remain more affordable than ever and the low mortgage payments have increased the purchase power for borrowers in all 50 states.
Choose from Several FHA Mortgage Programs
Take advantage of aggressive government lending guidelines with purchase loans that only require a 3.5% down-payment. Borrowers refinancing with FHA can get a better rate at 97.5% loan to value. First time house buyers can use FHA mortgages for cost effective financing and the Federal Housing Administration encourages borrowers to use gift funds. With eased credit guidelines and minimal down-payment requirements, these government home mortgages are the number one choice for new home buyers over the last decade.
Government Loans like the FHA Mortgage Ensure Affordability
In the recent era, the FHA mortgage insurance program has been utilized to great lengths for 1st-time home buyers, lower-income families, and other consumers who could not meet standard requirements of conventional loans. Limits on FHA mortgages are set with a maximum amount allowed based on a geographical level. Each year Congress passes a bill that includes specific limits on loan amounts that are government insured. These limits are created in an effort to minimize defaults and maximize reserves.