Paul Simon (1st Continental Mortgage)

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Welcome to the 1st Continental Mortgage FHA home loan program options. We're very excited that you've elected to give consideration to the very real and many benefits the FHA home loan has to offer the average homeowner and home buyer.

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!

The fact is, there are a wide range for FHA home loans available to qualified applicants. The real truth is, these programs do not consider your credit score. Many people find this very difficult to believe, but it is in fact dictated by the Government that credit scores cannot be considered during underwriting, Only credit quality. This gives consumers who might not otherwise have an opportunity at a low fixed interest rate mortgage, ample opportunity to succeed and it is one of the biggest benefits that many FHA home loans offer to people just like you.

The FHA home loan programs vary, and to learn more, simply select the FHA loan product type that interest you from the main navigation menu, or use the links in our brief overview below:

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.

As you can see, our program diversity is uniquely ours. We serve a broad range of clients across the country and it goes without saying; Whether you have outstanding credit, or credit challenges, the FHA home loan programs offer homeowners and home buyers alike, unmatched benefits with exceptionally competitive rates. Give us call today!

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When considering the FHA loan program, there really are a number of issues which you should take into consideration. Give an expert 1st Continental Mortgage loan professional a call today at 1-888-427-5442 to discuss your situation. There is no obligation, and your information is treated in strictest confidence!

One of the most important issues relevant to the FHA Loan is in fact credit. While credit score is no factor, your credit quality is. The fact is, you're better off having no credit history, than having recent bad credit history. Primarily, an underwriter will need to know what caused any problems you might have had in the past, to ensure you have addressed and rectified these financial matters. If more recent, within the past 12 months, then we have a much more sophisticated process for getting a pre-approval. You can check out our Credit Repair section and the FHA Guidelines section for more details.

The second issue to give consideration to is the FHA loan limits. The fact is, there are not any Jumbo or Super Jumbo mortgage programs with FHA. These programs are not designed for these types of luxury properties, so you'll want to be certain you home, or your planned purchase amount, falls within the FHA loan limits.

With a refinance or FHA purchase, yes, the FHA closing costs can sometimes be $500 to $1000.00 more per month. There is also the issue of up front MIP (FHA mortgage insurance premiums) which will add to the costs to close, but this amount is financed by the lender. Before you get to discouraged, keep in mind that PMI (private mortgage insurance) is twice as expensive in your monthly payment, and is so because you're not paying any of it up front. Further, the PMI does NOT protect you, it protects only the lender. MIP with the FHA also protects only the lender, however, with the FHA loan comes government protections for you that you will NEVER get with a conventional or bad credit loan.

When rates are going up, typically, the FHA loan rates are lower. Why? It traditionally takes 3 to 5 business days for the rates to react to the market. So, when rates are going down, naturally, you have to wait before locking an FHA loan to give them time to catch up. Otherwise, FHA loan rates are typically as low as traditional interest rates in the conventional loan market.

We've taken time to attempt to help you understand all of the real negatives associated with the FHA loan. The fact is, the FHA loan program offers home buyers and homeowner, far more than any other program today. Most importantly, the FHA loan program offers you security and piece of mind. Something you can't put a price on. Give us a call today to learn how a FHA home loan can benefit your family.

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