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It really depends. An FHA loan can be a viable path to homeownership for many types of buyers, especially if you have a lower credit score. An FHA loan can also work well if you don’t have much down payment savings.

If you have a minimum 580 credit score, you’ll only need to put 3.5 percent down. All that said, If you'd like more information, click the bubble, call, set an appointment. Let us help you.

Absolutely. Here are the different loan types, and a brief outline the idea behind each loan type.

Basic home mortgage loan 203(b): A standard mortgage loan insured by HUD. Borrower must meet credit requirements and must purchase a one-to-four unit structure with a price below the area’s mortgage limit. Up to 96.5 percent financing available.

FHA adjustable-rate mortgages (ARMs): Unlike fixed-rate mortgages that have the same interest rate for the life of the loan, adjustable-rate mortgages will start out with a lower interest rate for a certain amount of time, and will then adjust to a higher rate once that period expires. The rate will then change on a regular basis, typically once a year. You might consider an ARM if you plan to sell the home before the rate adjusts to the higher level, or if you expect that your income will increase to compensate for higher payments. Otherwise, the risk of a significantly higher payment down the road is not to be taken lightly.

203(k) loan, aka rehabilitation mortgage: You can use this loan to finance up to $35,000 into your mortgage to repair, upgrade, or improve a single-family home.

Home equity conversion mortgage for seniors: You can use this reverse-mortgage program to withdraw a portion of your home’s equity to receive as income.

FHA streamline refinance: A refinance option that requires minimal borrower credit documentation and underwriting.

Obviously a great question! Here is the quick answer: To qualify for a mortgage, an investor will typically look at several key factors: your credit score, credit history, your debt-to-income ratio (DTI), consistent employment or income history, and sufficient specific income and assets to repay the loan.

First things first, the specific documentation will often be determined by your specific situation. The best thing to do is to call or schedule an appointment to get it figured out for you.

That said, there are some basic guidelines for documentation needs, which are as follows: Credit Information, Proof of continued qualifying Income, asset statements, information regarding the property.

Okay, so it seems like a pretty small list - but each of the above items are actually several other items... so for more information you can check out the site (which could take hours).. or you can connect with us by clicking a couple of buttons. hahaha, whichever seems to make the most sense. 😉

Well... usually, but (and this is going to sound odd) but the rate isn't everything. If the COSTS are way higher for one loan type or another, then the best rate is not always the best deal.... TRUELY, it depends on your exact situation. The most important thing to shopping a mortgage is... shameless plug (but it's true) ... it's the relationship you have with the lender. They should help lay out all the facts for you so that that you can make informed decisions based on what's important to you. That's the real answer.

That said, here is the ROBO-ANSWER: Rates for FHA loans are typically similar to those for conventional loans, although you might see lower interest rates advertised. For example, you might see a lower interest rate on an FHA loan compared to the interest rate on a conventional loan, but the FHA loan’s annual percentage rate, or APR, is higher. APR includes all of the fees associated with the loan.