Many consumers are under the impression that their current financial standing prevents them from being approved for a home loan. With government–insured FHA (Federal Housing Administration) loans, it makes it easier for borrowers to qualify for a loan. Offering flexibility in income, credit and down payment requirements, along with rate security, these loans were originally developed to help borrowers with less than perfect credit or few financing options to purchase or refinance a home.
What are the benefits to an FHA loan?
Low down payments:
FHA home loans have lower down payment requirements, allowing you to purchase a primary home with as little as 3.5 percent down. Monetary gifts can also be applied toward down payments.
Less restrictive approval criteria:
These types of loans were designed to help consumers with less than perfect credit, low-income families or first-time homebuyers have a great alternative to conventional home loans.
With an FHA Streamline Refinance Loan Program, you can refinance your FHA loan to a much lower rate and reduced fees, including no appraisal and no income requirements. (Subject to FHA guidelines).
Increased flexibility with your money:
If refinancing, it may be possible to finance more than 80% of your home’s value, allowing you more access to cash.
Why choose Lenox/WesLend?
Lenox/WesLend has been FHA-approved since 1999, and all of our mortgage advisors are highly knowledgeable and can guide you to selecting the right loan and monthly mortgage payment. We truly want our customers to be able to afford the home they want to live in.
We close loans fast – in just over 30 days on average – and our mortgage advisors’ personalized service will be with you every step of the way. We aim to make the mortgage process quick and easy, and we are dedicated to explaining the ins and outs of the mortgage process.
Have the confidence to move forward with your homeownership goals by partnering with Lenox/WesLend today. Get more information about FHA loans, or additional low cost options by contacting us here.