FHA Loans

Established in 1934, The Federal Housing Administration (FHA) insures loans so that our team of experts can offer future homeowners an even better deal on their mortgage loans. A few of the benefits associated with an FHA Loan include the following:
 
Please note: as of June 2012, PrimeLending is no longer able to offer FHA loans for credit 600-619. The minimum credit score to qualify for an FHA loan with PrimeLending is 620.

• Low down payments for qualified borrowers

 

• Low closing costs

 

• More competitive interest rates than other loans

 

• Easier for borrowers to qualify than conventional loan programs

What FHA loan programs are currently offered by PrimeLending?

PrimeLending offers three different programs to qualified borrowers in most states. Our teams of mortgage experts happily assist future homeowners in finding the FHA loan program that is right for them. The FHA loan programs that PrimeLending offers include the following:

FHA Purchase/Refinance Program

PrimeLending offers the FHA Purchase/Refinance program to qualified borrowers in most states. Although FHA Loan limits vary by county, there has been an overall increase in loan limits. With PrimeLending’s Purchase/Refinance program, borrowers can finance the majority of purchase price, and only have to put 3.5% down. A few benefits associated with this program include:

• Debt ratios higher than conventional mortgages are acceptable for qualified borrowers

 

• Allows lower FICO scores

 

• No income limits are set

FHA 203k Streamline Purchase/Refinance

With PrimeLending’s FHA 203k Streamline Purchase/Refinance program, borrowers can finance up to $35,000 for home repairs or replacements. Improvements can include, but aren’t limited to:

• Roofing

 

• Gutters

 

• HVAC units

 

• Flooring

 

• Minor Remodeling

 

• Paint- both exterior and interior

 

• Weatherization

 

• Appliances

 

• Handicap access improvements

FHA $100 Down
 
Can borrowers really qualify for a down payment as low as $100? Yes, with PrimeLending’s FHA $100 Down program, borrowers in most states can qualify for a $100 down payment.* To be eligible for this program, borrowers must complete the following:

1. Borrowers must qualify for an FHA Loan- for steps on how to qualify, contact a PrimeLending mortgage expert today at (800) 234-0907

 

2. Borrowers should then locate an HUD-owned home to purchase

 

3. After selecting the HUD-owned home, borrowers should intend to use the home as a primary residence (owner-occupied)

 

4. Lastly, full price must be offered for the property in order to qualify for the program

  
If you have and questions or would like to see which program you qualify for, contact a loan expert today by using the contact form to the right or calling (800) 308-8503.
    

Mortgage Loans: Assisting Borrowers in Most States