Our FHA LOAN RATES & TERMS:
Single family, condos, townhomes,
$75,000 – $970,800
5/1, or 30 year fixed
FHA loans are backed by the Federal Housing Administration, an agency under the Department of Housing and Urban Development jurisdiction. FHA loans are insured by the FHA, which means that this organization protects your lender against loss if you default on your loan.
The option of a low down payment and more lenient credit requirements can make FHA loans particularly attractive for first-time home buyers, although you don’t have to be a first-time home buyer to qualify. Here are some benefits of FHA loans:
- Credit score requirements are lower compared to other loans.
- Your lender can accept a lower down payment.
- You could still qualify for an FHA loan if you have a history of bankruptcy or other financial issues.
- Closing costs can often be rolled into your loan.
Financing a property with FHA loans is a quick and straightforward process for an experienced lender like American Heritage Lending.
FHA LOAN FINANCING
There are specific requirements borrowers must meet to qualify for an FHA loan, including:
- An FHA-approved appraiser must appraise the home you consider.
- You can only get a new FHA loan if the home you consider will be your primary residence, which means that it can’t be an investment property or a second home.
- You must occupy the property within 60 days of closing.
- An inspection must occur, and the inspection must report whether the property meets minimum property standards.
American Heritage Lending helps its clients qualify for loans without the traditional qualification standards.
WHY CHOOSE A FHA LOAN?
Many buyers will likely have difficulty getting loans through a traditional lender like a bank or credit union. With American Heritage Lending, we offer you a variety of financing solutions to fit your needs.
We understand the need to move quickly when opportunities arise. Our application, appraisal, and approval process can be accomplished in just a few days to ensure you can negotiate effectively with the property holder.
USE OUR FHA LOANS FOR THE LOWEST PAYMENT
FHA interest rates can be competitive compared to conventional mortgages. This is because the government backing decreases the risk you pose and allows lenders to offer you a lower rate in return. The rate depends on several factors, including the prevailing interest rates, income, credit score, amount you plan to borrow, down payment amount, DTI ratio, and more.
Your eligibility for an FHA loan doesn’t hinge on a particular income amount, but you must prove that you have a steady employment history. Your income must be verifiable by sharing pay stubs, W-2s, federal tax returns, and bank statements with your lender. Your lender may ask for other examples of verification as well.