FHA’s loan program has helped millions of families become first time and move-up homeowners by lowering some of the borrower’s closing costs and down payment requirements. Qualifying guidelines for FHA loans are typically more flexible than those of conventional loans.
Features of FHA Loans:
• Lower down payment/investment requirements – as low as 3.5% down payment required as compared to 5% or more for many conventional loans.
• Some closing costs can be financed – less out-of-pocket expense at the settlement table.
• Government insured loan.
• Flexible credit underwriting guidelines.
• As part of the Economic Stimulus Package the FHA loan limit has been increased in some areas.
McCormick Mortgage Services offers the following FHA programs:
• Fixed Rate Loans (terms ranging from 15 years to 30 years)
• Adjustable Rate Mortgages
• 203(k) FHA Rehabilitation Loans
• Cash-out Refinances
• Streamline Refinances