The Federal Housing Administration’s (FHA) primary goal is to help improve the housing market and protect lenders if the borrower was to default on their FHA loan mortgage. The FHA was created in 1934 as a part of the National Housing Act and later became part of the Department of Housing and Urban Development. The FHA is the largest insurer of mortgages in the United States, having insured millions. Tim Sisson of First Home Mortgage is happy to offer flexible financing options and great rates on FHA loans in Dunkirk, Huntingtown, Prince Frederick, as well as the whole state of Maryland. Contact Tim today at 301-327-5817 or click here for more information on how to get Pre-Qualified.
How can I use an FHA loan?
An FHA loan can be used for a number of different purposes including, but not limited to, Refinancing an existing mortgage, new home purchases, and Streamline loans. Cashout refinance options are also available to borrowers in need of cash for debt consolidation, and/or home repairs. Streamline refinance loans are available and can reduce your interest on your current FHA loan.
Is an FHA loan right for me?
An FHA loan in Dunkirk, Huntingtown, Prince Frederick, as well as the whole state of Maryland offer lower down payment options and credit requirements compared to other loans, making them easier to qualify for. For those buyers interested in a new home purchase they can potentially qualify for an FHA loan with a down payment of 3.5% of purchase price. This loan also call for a minimum credit score of 620 – if your credit score doesn’t meet this requirement, you may potentially qualify. Contact us to find out! Another great benefit of this loan is that family members have the ability to gift the funds for the down payment. FHA loans are a great option for First Time Homebuyers in Dunkirk, Huntingtown, Prince Frederick, and the whole state of Maryland.
Mortgage Insurance Premiums (MIPs)
For an FHA loans there are two main Mortgage Insurance Premiums. The Upfront premium and the Monthly premium. The Upfront MIP is often financed into the loan, and the monthly premium is paid via your mortgage payment.
One-Family – $636,150
Two-Family – $814,500
Three-Family – $984,525
Four-Family – $1,223,475
For all FHA loan limits, click here!
FHA Loan Requirements
– Credit Score
– Property Requirements
– Down Payment
Work with an experienced FHA mortgage lender!
Tim Sisson of First Home Mortgage is happy to help his clients with all of their FHA mortgage needs in Dunkirk, Huntingtown, Prince Frederick, and the state of Maryland. If you are looking to refinance your current FHA loan or purchase your first home, Tim can help! Contact Tim Sisson today at 301-327-5817 or click here to find out how to get Pre-Qualified.