The mortgage staff of
Village Home Mortgage has years of FHA loan experience.
We recommend FHA loans to our clients
for many reasons:
FHA allows the highest loan to value
on purchase loans in the market today. Conventional financing requires 10%-20%
down payment but FHA only requires 3.5%. Most of the closings costs are allowed to be given by the seller on an FHA purchase..
FHA loans have much lower mortgage
insurance coverage then conventional loans in almost every case, but
especially on the higher loan to value loan programs. Ask one of our mortgage
consultants to compare the difference between the conventional and FHA
mortgage insurance coverage to make sure you are receiving the best loan
possible.
FHA Loans have no requirements with
regard to declining markets. While conventional lenders generally want to
reduce your maximum loan to value if your home is designated as being in a
declining market, FHA has no problems insuring loans at the maximum loan to
value on a purchase or even a cash out refinance.
FHA loans can be manually
underwritten. Nearly every conventional lender today is using automated
underwriting which is heavily based upon your credit history. FHA still allows
for manual underwriting which allows us to work with our clients in drafting
letters of explanation with regard to derogatory credit or work histories. The
power of being able to explain your situation to a live person that will
determine if an FHA loan makes sense for your situation cannot be overstated.
This is one of the most powerful reasons that people are turning to FHA loans
today.
Below we will show you some of the benefits of FHA
purchase and FHA refinance loans for you:
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Up
to 96.5% loan to value
