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FHA home loans

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Here are some facts about FHA home loans that you should be aware of: 1) Credit score is not important 2) Minimum down-payment required is 3.5% 3) Closing costs may get covered 4) Only FHA approved lenders can provide these loans 5) An FHA loan is accompanied by 2 part mortgage insurance 6) Borrow cash for home repairs 7) Financial hardship relief – PowerPoint PPT presentation

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Title: FHA home loans


1
All Western Mortgage
  • Facts about FHA Loans

2
Facts about FHA Loans
FHA loans are extremely popular with the
borrowers due to lower down-payment requirements
and less rigorous lending standards. Federal
Housing Administration loans are insured by the
FHA and borrowers pay for that insurance along
with the monthly installments on the
mortgage. This insurance protects the lender
from a loss if the borrower defaults on the
payments. Due to the security of FHA insurance,
Mortgage Bankers offer these loans at attractive
interest rates and flexible qualification
requirements.
3
Here are some facts about FHA home loans that you
should be aware of
  • Credit score is not important Minimum credit
    score requirement with these loans depend upon
    the type of loan the borrower needs and
    down-payment. But, even with a minimum credit
    score of 500, borrowers can secure a FHA loan.

4
  • Minimum down-payment required is 3.5 Yes, you
    read that right. Even with a down-payment as low
    as 3.5, you can get a FHA insured loan.

5
Closing costs may get covered FHA allows
lenders, sellers and builders to pay some of the
closing costs, which are otherwise borne by the
borrower. Sellers may offer to pay closing costs
as an incentive to the borrower or even mortgage
lenders can do the same by slightly increasing
the interest rate.
6
Only FHA approved lenders can provide these
loans If you want an FHA insured loan then the
lender must also be FHA approved, like All
Western Mortgage.
7
An FHA loan is accompanied by 2 part mortgage
insurance A borrower has to pay two mortgage
insurance premiums. The upfront premium is 1.75
of the loan amount and the annual premium needs
to be paid monthly along with the installments.
8
Borrow cash for home repairs FHA allows
homeowners to borrow extra cash to make repairs
to their homes.
9
Financial hardship relief FHA allows temporary
relief to borrowers who have suffered severe
financial hardship in the form of loan
modifications.
10
All Western Mortgage is an FHA approved mortgage
lending company which will be happy to provide
you a loan that suits your financial needs. Call
us on 702-850-2790 or visit our website -
http//www.awmlending.com/loans-FHA.php for more
info.
11
All Western Mortgage
  • Contact Us
  • Address
  • 8345 W Sunset Rd, Suite 380 Las Vegas, NV  89113
  • Phone 702-850-2790
  • Corporate 702-369-0905
  • Fax 702-906-0153
  • E-mail info_at_awmlending.com
  • Website
  • http//www.awmlending.com/
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