AMEC Home Loans | Appleton 920-858-1203 in Appleton helps homeowners secure FHA loans. FHA loans allow you to purchase a home with a 3.5% down payment, or refinance a home up to 96.5% of the home's value. FHA loans are easier to qualify for, and offer several homeowners an easy way to secure financing.
See if you pre-qualify for an FHA loan today!
If you have an FHA loan that originated before June 2009, you may qualify for a streamline FHA refinance. This means that you can refinance your current FHA loan with a very simple process. Unlike the standard refi or loan application process, the Streamline FHA makes it easier.
If you are currently over 4.5%, a new FHA program coud save you THOUSANDS!
Here are some benefits of a Streamline FHA Loan:
- Better loan terms
- You do NOT need an appraisal on your home, even if you are upsidedown
- You do NOT need to verify your income or employment
- Your credit score will NOT be pulled
About FHA Loans
FHA loans originate from the Federal Housing Administration and are insured by HUD (US Dept. of Housing) so that lenders can offer more affordable mortgage rates. FHA loans require lower down payments and closing costs. There are also options for financing 100% of the loan, and several grant programs that provide FHA loan customers financing for the down payment.
FHA loans offer options to those who've undergone bankruptcy or foreclosure. They're available to first time homebuyers, refinances and anyone who is purchasing property and does n ot already have an existing FHA loan. The guidelines for debt ratio and job qualifications are more lenient than a conventional loan.
Refinancing your Mortgage with an FHA Loan
You may refinance your home loan using a FHA loan if you donot currently have an existing FHA loan. Refinancing options include fixed, adjustable (ARM) and buy-down mortgage rate options. We highly recommend buyers utilize a fixed-rate FHA loan.
FHA loan applicants find that FHA loans do not have as strict of income guidelines nor credit history as conventional loans. FHA loans offer competitive rates for those 36 months out of foreclosure or 24 months from a chapter 7 bankruptcy. Note: There are also options for loan consolidation with FHA loans.
FHA Loan Qualifying
FHA loan requirements are more flexible than conventional loans and provide the easiest application. Below are the requirements for FHA loans:
- Need two years of consistent employment - preferred by the same employer.
- Income over the past two years is the same, or increasing.
- Credit guidelines vary; please ask AMEC Home Loans | Appleton 920-858-1203 for details.
- Bankruptcies must be 2 years old; good credit since the bankruptcy
- Foreclosures must be 3 years old; good credit since the foreclosure.
- Mortgage payment of your new home must be around 30% of your gross income.