Many borrowers 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 an FHA loan and become homeowners. Offering flexibility in income, credit and down payment requirements, along with interest rate security, FHA loans were originally developed to help borrowers with a less than perfect credit history or those with few financing options to purchase a primary residence or refinance a home.
As an approved Federal Housing Administration lender, we strive to make your monthly mortgage payment affordable. Some borrowers prefer FHA-insured loans for both their low down payment requirement and for the security an FHA-backed mortgage provides. Today’s low interest rates and the flexibility of this product make an FHA loan a good alternative to a conventional loan.
What are the benefits to an FHA loan?
FHA loans have low down payments:
FHA program guidelines have lower down payment requirements, allowing you to purchase a new home with as little as 3.5 percent down payment. Monetary gifts can also be applied toward down payments.
FHA Loans have a less restrictive approval criteria:
These types of FHA loans were designed to help consumers with less than perfect credit scores, low-income families or first-time homebuyers have a great alternative to conventional home loans.
FHA loans have an easier mortgage refinance:
With an FHA Streamline Refinance Loan Program, you can refinance your FHA loan to a much lower interest rate and reduced fees, including no appraisal and no income requirements. (Subject to FHA guidelines).
FHA loans offer increased flexibility with your money:
If refinancing your current mortgage to an FHA mortgage, it may be possible to finance more than 80% of your home’s value, allowing you more access to cash. FHA loan requirements also allow for easier borrower qualification.
Why choose Lenox/WesLend for your FHA mortgage?
Lenox/WesLend has been an FHA-approved lender 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. As your lender we believe that by being upfront and communicating with you every step of the way, we can help make your loan process less stressful.
Have the confidence to move forward with your homeownership goals by partnering with Lenox/WesLend today. Our goal is to prequalify you quickly for the loan amount that you may be eligible for, given your financial situation. Get more information about FHA loans, or additional low cost mortgage options or find out if you prequalify by contacting us here.