FHA Purchase Loans are mortgages insured by the Federal Housing Administration (FHA), making them accessible for borrowers with lower credit scores and smaller down payments. The primary purpose is to help first-time homebuyers and those with limited financial resources qualify for a mortgage. With an FHA Purchase Loan, you can put down as little as 3.5% of the home's purchase price, making homeownership more achievable.
FHA Refinance Loans allow homeowners with existing FHA mortgages to refinance for various reasons. The most common types include: Offers a deferred-payment loan up to 3.5% of the purchase price or appraised value.
2. Cash-Out Refinance:
For both types of loans, the FHA provides insurance, which encourages lenders to offer more favorable terms to borrowers. Keep in mind that FHA loans may have certain requirements and upfront costs, so it's important to understand the terms and consult with a mortgage advisor to determine if they're the right fit for your situation.
What is an FHA Loan?
Who Qualifies for an FHA Loan?
What is the Purpose of FHA Mortgage Insurance?
Can I Refinance with an FHA Loan?
What are the Pros and Cons of FHA Loans?
**Disclaimer:
Sandra Mabel Guzman NMLS ID: 1779388; Company NMLS ID: 1591 (www.nmlsconsumeraccess.org); AZ BK# 0926494; Branch ID: 1747167; AZ-Loan Originator License; CA-CA-DFPI1779388, Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act, under Churchill Mortgage Corporation, which will do business in California as Churchill Mortgage Home Loans; TN-1779388; 437 S Cataract Ave Unit 1-2, San Dimas, CA 91773-2973
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