FHA Mortgage Programs

See Attractive Offers for the Best Mortgages

FHA Mortgage Loan
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 interest rates with loan amount limits that are state specific. There are several new FHA 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.

Federal Housing Administration
How Does FHA Approve Mortgages with Poor Credit Scores?
It is not that the government is looking to insure high risk loans for people with bad credit. Rather the Federal Housing Administration and the Department of Housing and Urban development understand that life has its ups and downs and people need a helping hand with affordable financing once they get back on a stable financial path. FHA has a proven track record of insuring house loans to people with low fico scores but they had documented hardships and compensating factors that mitigated some of the risks. Read about FHA mortgages for people with bad credit.
Government Resources: Learn more about up-front mortgage insurance premiums by the Federal Housing Administration

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.

fha mortgage programs

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 mortgage 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.



Government Loans like the FHA Mortgage Ensure Affordability

FHA Mortgages

Compare FHA Mortgages

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.

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.

 

Resource Tools


Loan Comparison Calculator
This calculator will help you to compare the total mortgage interest charges of 4 types of loans.

Maximize your Home Equity

Take advantage of our free guides and disclosures that help 1st time homebuyers.

Understanding Credit Scores
ARM Rate Mortgage - Guide

What Clients Say About Our Loan Services:
Loan Services Testimonial
"A friend of ours recommended Nationwide because they had a great experience getting a low rate mortgage online. Our loan officer, Susan devised a refinancing plan to maximize our financial needs. We qualified for a FHA mortgage at 4% with a fixed rate and no closing costs."
- M. Taylor, Baltimore, MD.

FHA Offers Mortgage Refinance Loans. Many people are under the assumption the Federal Housing Administration only offers financing for house buying and first time home buyers. Quite the contrary as FHA insures a handful of competitive refinancing programs for multi-purposes.

FHA Relaxes Loan Guidelines for People with Bad Credit
With millions of consumers in the U.S. suffering foreclosures and bankruptcies from the Great Recession, HUD an approved shortening the time a borrower needed after a short sale, default or BK from 3 years to 1 year. This helps a lot of American renters become homeowners quicker.

Additional FHA Mortgage Pages:
FHA Refinancing Loans | 203K FHA Home Improvement Loans | FHA Streamline Refinance | Underwater Mortgage | Government Mortgage | FHA Rate | FHA Mortgage Rate | FHA Mortgage Loans | Home Affordable Refinance | FHA Mortgage Limits by State | FHA Refinance
Other Popular FHA Mortgage Products:
New Homebuyer FHA Mortgage Loans | Subordinate 2nd Mortgage & Refinance with FHA | NO Credit Score FHA Mortgage Loan |
Jumbo FHA Mortgage Loan | Fixed Thirty Year FHA Mortgage | FHA Mortgage Refinancing | FHA Mortgage with No Early Payoff Penalty | FHA Loan Requirements | FHA Home Financing | Get Pre-Qualified for a FHA Mortgage | Down Payment Requirements on a FHA Loan | Pre-Approval Letter for a Home Loan with FHA | FHA Loan Qualification | Mortgage Refinancing

BD Nationwide Mortgage, 515 Encinitas Blvd. Ste 100, Encinitas, California 92024

Please be aware that this is not an advertisement for credit. Nothing on this site contains an offer to make FHA mortgages for any purpose with any specific terms. This web-site cannot guarantee the approval of FHA mortgage loans. Rates are and terms subject to change without notice. We have no affiliation with the Department of Housing and Urban Development, Federal Housing Administration or any other government entity. BD Nationwide was affiliated with national lenders and a federally chartered bank located in Maryland licensed to offer home loans in all 50 states. Copyright © 2001 and Beyond, BDnationwidemortgage.com is a website and cannot make loans. All rights reserved. HUD can change requirements for refinancing or house buying with the FHA mortgage.