FHA Loans

FHA Loans

An FHA loan is a mortgage issued by an FHA-approved lender and insured by the Federal Housing Administration (FHA). Designed for low-to-moderate-income borrowers, FHA loans require a lower minimum down payments and credit scores than many conventional loans.

As of 2019, you can borrow up to 96.5% of the value of a home with an FHA loan (meaning you'll need to make a down payment of only 3.5%). You'll need a credit score of at least 580 to qualify. If your credit score falls between 500 and 579, you can still get an FHA loan provided you can make a 10% down payment. With FHA loans, your down payment can come from savings, a financial gift from a family member or a grant for down-payment assistance.

All these factors make FHA loans popular with first-time homebuyers.

While Federal Federal Housing Administration Loans (FHA Loans) demand lower down payments and credit scores than conventional loans, they do carry other stringent requirements. It’s important to note that the Federal Housing Administration doesn't actually lend you money for a mortgage. Instead, you get a loan from an FHA-approved lender, like a bank, and the FHA guarantees the loan. Some people refer to it as an FHA insured loan, for that reason.

You pay for that guarantee through mortgage insurance premium payments to the FHA. Your lender bears less risk because the FHA will pay a claim to the lender if you default on the loan.



*https://www.investopedia.com

About

Independence Home Mortgage Corp. is a residential mortgage company dedicated to the American Dream of home ownership. We are a customer focused mortgage brokerage firm who strives to build lasting relationships by providing personalized mortgage solutions and unsurpassed service. We offer residential loans including conforming conventional, jumbo, FHA, VA, USDA, and portfolio options. We arrange financing for purchase, refinance, construction, and reverse mortgages on multiple property types. ...

 

Contact Us

Photo

- NMLS: 122142
720 Johnsville Blvd
Suite 1205B
Warminster, Pennsylvania 18974
Phone: (215) 323-4120
Email: information@ihmtg.com

 

Stay Connected

Logo

© 2020 Independence Home Mortgage Corp NMLS ID# 122142.  All rights reserved.  This is not a commitment to make a loan.  The terms and conditions in connection with any extension of credit are effective as of the date you receive material and are subject to change within the sole discretion of Independence Home Mortgage Corp without notice.  All loans are subject to credit and property approval.  Not all products are available for all loan amounts, programs or credit grades.  Other restrictions and limitations apply.  There are maximum loan amounts.  All loan approvals are subject to underwriting guidelines through third party providers. Independence Home Mortgage Corp is a licensed mortgage broker, NJ Department of Banking and Insurance, Pennsylvania Department of Banking and Securities, Florida Office of Financial Regulation, Michigan Department of Insurance and Finanical Services, & Texas Department of Savings and Mortgage Lending.  Registered Mortgage Broker - NYS Department of Financial Services.  All loans arranged with Third Party Providers.  

 

This site is not authorized by the New York Department of Financial Services. As such, no mortgage loans for properties located in New York will be accepted through this site.

This site is not authorized by the New York Department of Financial Services. As such, no mortgage loans for properties located in New York will be accepted through this site.

© 2020 Independence Home Mortgage Corporation    

732.555.1212