Who is right for a FHA Loan?
FHA loans are built with the first-time homebuyer in mind, but you don’t have to be a first-timer to use them. With low down-payment options, low credit-requirements, and low interest-rates, these programs make it easier to finance a home for just about anyone. If you agree with any of the below, an FHA loan may be best for you!
You're a first-time homeowner.
You want to put a small amount down.
You have an
okay credit score.
You're looking to remodel your home.
This will be your primary home.
Find the right
loan for you.
Here at Triumph Lending, we believe it’s not the right home if it’s not the right loan. We’re never going to let you get in to a mortgage that you can’t handle. Our loan officers are trained financial professionals who’s mission it is to guide you to the right product for your financial situation, and our compensation plans eliminate incentives that may cause other companies to lead you in to higher cost loans.
First time buyer?
Learn the basics.
Buying a home but feeling a bit overwhelmed? We know how it goes. At Network Funding, we want you to feel confident in your mortgage decisions – after all, this is one of the biggest purchases of your life! That’s why we’ve created a suite of educational resources for your benefit!
For the information discussed on this page, we’re assuming the following: $300,000 purchase. $289,500 loan amount. $1406 P&I. 4.000%(5.089% APR). 686 FICO.
WHY ARE FHA LOANS GOOD FOR FIRST-TIME BUYERS?
FHA loans are good for first-time homebuyers because they make owning a home possible for families that might not have a lot saved up yet or don’t have “perfect” credit. With low down payment options and typically lower interest rates than conventional loans, FHA loans are a great option for many first-time homebuyers.
WHEN IS IT BEST TO PUT MORE DOWN ON A FHA LOAN?
Generally it’s not. Putting more down on a FHA loan does not generally improve the terms or interest rate. However, it does mildly improve the Mortgage Insurance Premiums (MIP).
On a 30-year Fixed Loan, there is a slight improvement if the borrower puts 5% (or more down) vs. the minimum required 3.5%.
On a 15-year Fixed Loan, there is a slight improvement if the borrower puts 10% (or more down) v the minimum required 3.5%.
WHAT ARE MY OPTIONS FOR REMODELING WITH A FHA LOAN?
Network Funding offers the Limited FHA 203(k) mortgage program. This program allows for the financing of the remodel of a home, but it is limited in as far as the extent of the work, the timeline and the amount you can finance.
- Eligible Transactions:
- Rate/Term Refinance
- Eligible Property Types:
- 1-2 Unit Primary Residence
- FHA Approved Condominiums
- HUD REO
- Amount of Repairs:
- Max $35,000 total rehabilitation cost
- No Minimum
- Type of Repairs:
- Minor Remodeling
- No Structural Repairs
CAN I BUY A VACATION OR INVESTMENT PROPERTY WITH AN FHA LOAN?
Unfortunately, no. FHA loans are for primary residence transactions only.