The FHA loan program has been sought out by many first time homebuyers because of its flexible qualifying guidelines and reduced down payment requirements when compared to conventional loans.
Per HUD.gov, “The Federal Housing administration, generally know as “FHA”, provides mortgage insurance on loans made by FHA-approved lenders throughout the United States and its territories. FHA insures mortgages on single family and multifamily homes including manufactured homes and hospitals. It is the largest insurer of mortgages in the world, insuring over 47.5 million properties since its inception in 1934.” Further information is available here.
Monthly paid mortgage insurance premium (MIP) is required along with a one-time financed Up Front Mortgage Insurance Premium (UFMIP) that is paid at closing.
Metroplex Mortgage Services is known for our overall government loan expertise and how we help homebuyers walk through the qualifying process step-by-step.
(800)806-9836 Ext. 280
Whether it be USDA, VA, FHA, or Conventional loans just call or email to discuss your scenario and let us show you the “Metroplex” difference.
If you are in the market for a home it is important to become pre-qualified. You can get started in less than 5 minutes! Or you may contact us with any questions you may have.