FHA Loan Program
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
As low as 3.5% down payment required as compared to 5% or more for many conventional loans
Financed Closing Costs
Some closing costs can be financed: less out-of-pocket expense at the settlement table.
Flexible Credit Underwriting Guidelines
Financing available for borrowers that may lack credit, but still obtain financing at a low rate.
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