FHA HOME LOANS BOISE ID
A Federal Home Administration Loan (FHA loan) is a loan which is backed by the Department of Housing and Urban Development (HUD). With down payments starting at 3.5% down and some of the most flexible credit guidelines in the industry, the FHA loan is popular among first time home buyers and move up buyers alike. Loan limits are set by area and are adjusted annually. Since loan amounts are typically lower than those allowed on Conventional or VA, this can be one of the few disadvantages to this loan program.
Walking through the process of securing financing for your new home includes a lot of details. Our team will walk you through this and make sure you are aware of all advantages or potentially disadvantages up front when obtaining financing. Our goal is to make the process easy as possible so you can focus on other tasks.
The process of getting financing secured can seem like a huge endeavor, but we are here to help. Our team of experts can help counsel you through this process by giving you a simple task list to complete. We have an automated system that will keep you, and our team up to date with progress reports. Please read below what to expect in moving forward.
Popular benefits of the FHA loan include:
- Low Down Payment options
- Relatively short waiting periods after credit challenges such as bankruptcies or foreclosures
- Lower credit score requirements
- Flexible down payment source options such as gift funds
- More flexible debt-to-income ratio requirements
Curious whether an FHA loan would help you purchase or refinance? Call us at (208) 388-0500 or click below to apply now.
FHA-insured loans are available in urban and rural areas for primary residence single-family homes, for 2-unit, 3-unit, and 4-unit properties, and for condominiums. Interest rates on FHA loans are very competitive especially considering down payments can be as low as 3.5 percent.
FHA cannot exceed the statutory loan limit set forth by HUD. The maximum loan amount allowed varies by area and can change each year.
There are a variety of different FHA loan programs available, including:
Standard Fixed Rates for Purchasing or Refinancing: Section 203(b) is the most frequently used FHA program. You may use this program to purchase a new or existing one- to four-family homes, in both urban and rural areas. A section 203(b) fixed mortgage offers a very low down payment and may be repaid in monthly payments over 10, 15, 20, 25, or 30 years.
Condo Loan: Section 234(c) provides mortgage insurance for buyers who wish to purchase a unit in a condominium project. The condominium may consist of more than one building, such as a group of row apartments, high-rise buildings, townhouses, or any combination of these structures. Any condominium project must be approved by HUD.
Rehabilitation Borrowing for Home Improvements: FHA also insures loans for home improvements. These are known as “203(k) loans.” Section 203(k) mortgages allow you to purchase or refinance and rehabilitate a home at least 1-year-old. A portion of the loan proceeds are used to pay off the existing mortgage, and the remaining funds are placed in an escrow account and released as rehabilitation is completed. The improvements financed with Section 203(k) mortgage proceeds must comply with HUD’s Minimum Property Standards and all local codes and ordinances.
Curious whether an FHA loan would help you purchase or refinance? Call us at (208) 388-0500 or click below to apply now.