1ST Continental Mortgage FHA Mortgage Specialist, We are approved by HUD to originate FHA Mortgage loans throughout and beyond.
Fill out a Quick Application Call us with any questions in regards to FHA financing at 954-391-8387
Did you know, the FHA home loan provides more security to homeowners than ANY other mortgage program today. In cases of financial difficulty, you have a higher probability of NOT losing your home if you have an FHA home loan Vs. having a conventional or Sub-Prime mortgage loan. Plus, all FHA home loans are FULLY assumable, adding one more layer of protection for you and your family!
Low Down Payment of 3% and 100% financing options available.
•· 95% Cash-Out Refinance
•· FHA Streamline Refinance (No appraisal)
•· NO Income Maximum Limits
•· Gift Funds: 3% down payment can come from a family member, employer, non profit agency
•· 6% Seller Contributions (closing costs)
•· NO Cash Reserves Required
•· Non-Occupant "Co-Borrower" (income used to qualify)
•· 31% Front end ratio & 43% Back end ratio
•· Collections do not need to be paid (LOX) needed
•· 3 Non Trade lines (utilities, phone, etc.)
•· Self Employed 1-2 Yrs OK
•· Permanent Resident Alien OK
•· Judgements must be paid or have 12 months of arranged payment history
•· NO pre-payment penalty
•· Fully assumable mortgage
•· FHA Secure
- Using the FHA home loan to purchase a home is really no different that a conventional loan. There are some additional documentation requirements, but these are actually blown out of proportion to discourage the loss of business by those Lenders who can't actually originate the FHA program and want to push you into a conventional mortgage loan program or Sub-Prime bad credit mortgage.
- Refinancing an existing FHA home loan is actually called a streamline refinance. However, streamline only applies to properties in which you are refinancing your home for rate and term improvement only. If taking cash out, our refinancing with an FHA home loan you will have to go through traditional qualifying processes.
- Amazingly enough, you can finance mobile home and land with the FHA home loan program. In some instances, you can get up to 97% loan-to-value and much, much, much lower rates than you will get through any other loan program available today!
- The reverse mortgage program is designed for Seniors who are wanting either to cash-out their equity in their home, or create a monthly income stream to supplement their income. In both cases, you make NO monthly payments and it's back by the Federal Government!
- The FHA 203K Mortgage program is perfect for that "Fixer Upper" house you want to buy. The one that's perfect for you, in the perfect location, but just needs some renovation!
- For those can't qualify for the traditional FHA underwriting standards, 1st Continental Mortgage offers our Exclusive FHA Credit Flex program. This program was developed to help qualified applicants in qualified communities to buy today. If your credit has been recently beat up, this FHA home loan program could be the perfect alternative to those high risk, high default rate sub prime loans.
FHA Lending Limits
FHA Frequently Asked Questions
ABOUT FHA
In 1965 the Department of Housing and Urban Development (HUD) was created. HUD operates the Federal Housing Administration more commonly known as (FHA), which has the primary responsibility for the government home loan insurance program. The FHA program allows a first time home buyer who might otherwise not qualify for a home loan to obtain a Home Loan because the risk is transferred from the lender to FHA who insures the lender against loss.
The most popular FHA home loan program for a first time home buyer is by far is the 203B. This is your standard fixed rate home loan for 1 to 4 family owner occupied homes and only requires a minimum of 3% contribution from the borrower. The 3% requirement can come from a Friend, Family member or a NON- Profit. There are many down Down Payment Assistance for homeowners to choose from.
The main advantage to a FHA home loan is that the credit criteria for a first time borrower are not as strict as Conventional Loans sold to Fannie Mae (FNMA) or Freddie Mac (FHLMC). Homeowners can check their credit for free by visiting https://www.annualcreditreport.com/cra/index.jsp someone who may have had a few credit problems or no traditional credit should not have a problem obtaining FHA financing.
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