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FHA Loans: Your Pathway to Homeownership
FHA loans stand as a beacon of hope for many aspiring homeowners. Designed and backed by the Federal Housing Administration, these loans are tailored to assist individuals who might find traditional mortgages out of reach. With more lenient financial requirements, an FHA loan caters to those with debt, lower credit scores, or past financial challenges, providing a viable route to homeownership.
FHA Loans are designed with a broad audience in mind, particularly benefiting first-time homebuyers. The loans are not strictly for this group, but their features cater to those without substantial credit history or significant savings.
Another notable aspect is the mortgage insurance structure. FHA loans necessitate both an upfront and an annual premium. However, a larger initial down payment can affect the longevity of this requirement, providing another layer of flexibility. Finally, the loan limits with FHA are also adaptable, varying based on the location of the property.
FHA loans aim to make homeownership accessible to a broader range of individuals, especially those with financial constraints.
With a credit score above 580, you can secure an FHA loan with a 3.5% down payment. Scores between 500-579 require a 10% down payment.
Yes, FHA loans require both an upfront mortgage insurance premium and an annual premium. The duration can vary based on the down payment size.
Beyond the standard FHA loan, there are specialized versions such as the FHA Streamline and FHA 203(k) Loan, each catering to unique borrower needs.
No, FHA loans are designed for primary residences only. The purchased property must be occupied within 60 days of closing.
Navigating the world of mortgages can be daunting, but with FHA loans, many barriers to homeownership are removed. If you’re contemplating whether an FHA loan aligns with your homeownership aspirations, take the leap. Reach out to your Nationwide Mortgage Bankers (NMB) Loan Officer today, and embark on your journey to secure the home of your dreams.
*All product information represented on this page is subject to product guidelines and can change at any time. It is for educational and informational purposes only and not a commitment to lend. Please contact your Own It Home Loans Loan Officer today to get the latest product guidelines and guidance on what loan programs fit your unique financial picture and goals.
We make financing your home simple and seamless with our user-friendly online platform, enabling you to easily apply and get pre-qualified for a home loan in no time. Our mortgage specialists offer prompt feedback and support, ensuring a smooth and efficient home financing journey.
OwnIt Home Loans, a DBA of Nationwide Mortgage Bankers, Inc. is approved to do business in AL, AR, CA, CO, CT, DE, DC, FL, GA, ID, IL, IA, IN, KS, KY, LA, MA, ME, MD, MI, MN, MO, MT, NH, NM, NC, ND, OR, RI, SC, SD, TX, VA, WA, WV, and WY. OwnIt Home Loans is not licensed with the NY Department of Financial Services and does not originate mortgage loans in NY.
Nationwide Mortgage Bankers, Inc. (NMB), going by NMB Home Loans, Inc. in the states of AL, AZ, GA, IL, IA, KS, LA, MN, MT, ND, OK, PA, SC, SD, TX, WV and as NMB Home Loans in KY and MA| NMLS# 819382 | (www.nmlsconsumeraccess.org) 3 Huntington Quadrangle, Suite 403N, Melville, NY 11747 | Branch NMLS 1822931 | (833) 700-8884 | www.nmbnow.com. NMB is in no way affiliated with Nationwide Mutual Insurance Company. “NMBNOW” is a registered DBA of Nationwide Mortgage Bankers, Inc. All loans are subject to credit and appraisal approval. Not all applicants may qualify. Some products and services may not be available in all states. NMB is not acting on behalf of or at the direction of FHA/HUD/USDA/VA or the federal government. By refinancing your existing home loan, your total finance charges may be higher over the life of the loan. This is an advertisement. Own It Home Loans; Own It Team; are registered DBAs of Nationwide Mortgage Bankers, Inc (“NMB”). Licensed under the California Finance Lenders Law by The Department of Financial Protection and Innovation #60DBO73939 | Georgia Residential Mortgage Licensee | MA Mortgage Lender License #ML819382 | Licensed by the N.J. Department of Banking and Insurance | Licensed Mortgage Banker – NY Department of Financial Services. | Rhode Island Licensed Lender | Licensed by the Virginia State Corporation Commission. Additional state licensing information can be found at https://nmbnow.com/disclosures-and-licensing/
By refinancing your existing home loan, your total finance charges may be higher over the life of the loan.
