An FHA (Federal Housing Administration) loan is a loan insured against default by the FHA. In other words, the FHA guarantees that a lender won’t have to write off a loan if the borrower defaults – the FHA will pay.
FHA loans are not for everybody. Nevertheless, they are a great help to some borrowers.
FHA loans allow people to buy a home with a down payment as small as 3.5%. Other loans might not allow such a low down payment.
Who can get an FHA Loan?Almost anybody can get an FHA loan. There are no income limits. However, there are limits on how much you can borrow. In general, you're limited to median home prices in your area. To find the limits in your region, visit HUD's Website. To qualify for an FHA loan, you'll need to have reasonable debt to income ratios. You don't need perfect credit but you will need to have a credit score of at least 620.
FHA loans offer a few other bells and whistles:
3.5% down payment required on purchase
Easier to use gifts for down payment and closing costs
No prepayment penalty
Financing for home improvement using FHA 203k programs
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"OUTSTANDING JOB in processing my VA refin loan. They were friendly and very knowledgeable. I was very pleased with the speed in which my loan was processed. Approximately 12 days to get to signing documents is GREAT!. My loan funded on the date I was told and I had no issues during the entire process. I recommend them highly and will never go to another lender for future requirements. The company and employees are very good and do excellent work."
"I've been wanting to write a review about Vision Quest Lending, however family and work have kept me occupied. My husband and I closed our loan in April. We had the pleasure to work with Rick Villa. He was extremlely knowlegable and made the process painless. Our situation was unique as we took over our in laws home and all lenders we spoke to previously told us we would need to be on title for 12 months. Right away Rick said that was not the case. We trusted him and are glad we did. He closed our loan within 30 days and provided us with an excellent rate along with no closing cost. I have already recommended a co-worker and family member to Rick and Vision Quest Lending."
"I recently did a loan with Tony Nguyen at Vision Quest Lending and had an exceptional experience. Tony walked me through every step of the loan process and made it very easy for me to understand. He was also able to get me the interested rate that he originally promised and gave me several options to buy down my rate. As we finalized the loan, Tony worked closely with my purchasing agent and was able to reduce the price on my home by 10%! I am still amazed he how willing he was to go the extra mile to accommodate this. I since have referred him to over 10 people, including family members, who have all had great experience’s with him and the associates of Vision Quest lending"