There are lots of reasons to ask your lender or loan officer for an FHA loan instead of taking a conventional mortgage loan. Take advantage of the many benefits and protections that only come with FHA:

Easier to Qualify - Because FHA insures your mortgage, lenders are more willing to give loans with lower qualifying requirements so it's easier for you to qualify.

Less than Perfect Credit - Even if you have had credit problems, such as bankruptcy, it's easier for you to qualify for an FHA loan than a conventional loan.

Low Down payment - Low 3.5% down payment, and that money can come from a family member or employer. 

Refinance upto 95% LTV - You can have cash out refiance upto 95% LTV or property appraisal value.

Closing cost - Seller can contribute 6% towards closing cost, most of the conventional program allows only 3% towards closing cost.

Costs less - Many times, FHA loans have competitive interest rates because the loans are insured by the Federal Government. Always compare an FHA loan with other loan types.

 

Today Federal Housing Administration increased the FHA loan limit in More than 70 counties across the U.S.  In the state of Maryland:  Montgomery, Pricen Georges and Howard county the new FHA loan limit will be $ 729,750.00  You can go to this link: https://entp.hud.gov/idapp/html/hicostlook.cfm and check your county new FHA limit.  This will be a huge benefit for home buyers as well as people who wants to refinance their property.  FHA allows 6 % seller contribution toward purchase.  Buyer only needs to bring 3% as down payment.  One can refinance upto 95% of LTV.

So if you have borrowers that may not have been able to benefit in the past due to loan size, it may be worth it to take a look.  If you need any help with an FHA loan please feel free to contact me @ 301-257-2254.

Today's FHA rate is 5.50 %.  Client with FICO Score of 575 can borrow 97% per cent of FHA limits.  I think it is a great deal.  Contact us we can help you 301-570-3780