Post on 23-Jan-2015
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State Licensing Information.
What are FHA Loans?FHA-approved lenders, like New American Funding, can offer these loans to people who might have trouble meeting the requirements of a conventional mortgage loan or refinancing.
• FHA loans are mortgage loans backed by the Federal Government.• The most common types are the FHA home loan or FHA refinance loan.
All products are not available in all states. All options are not available on all programs. All programs are subject to borrower and property qualifications. Rates, terms and conditions are subject to change without notice.
State Licensing Information.
Pros of FHA LoansDown payment as low as 3.5%*
Can use gift money for down payments
Less strict debt ratios for the buyer
Lower closing costs
Lower FICO credit scores allowed
Can use it towards home improvement
All products are not available in all states. All options are not available on all programs. All programs are subject to borrower and property qualifications. Rates, terms and conditions are subject to change without notice.
*Restrictions apply. Subject to borrower and property qualifications.
State Licensing Information.
Cons of FHA LoansPay More in interest for the lifetime of the loan than a conventional loan
Mortgage insurance added on to monthly payments
Limited to FHA-approved lenders
FHA loans are limited to 115% of median home prices in the area
All products are not available in all states. All options are not available on all programs. All programs are subject to borrower and property qualifications. Rates, terms and conditions are subject to change without notice.
State Licensing Information.
Basic FHA Loan RequirementsTwo years of steady employment
Credit score of at least 580 or better
No late payment notices in the last two years
Your new mortgage payment should be approx. 30% of your gross income
Valid Social Security Number
Must be a US Resident
All products are not available in all states. All options are not available on all programs. All programs are subject to borrower and property qualifications. Rates, terms and conditions are subject to change without notice.
State Licensing Information.
Buy That Dream HouseFHA loans are one of the easiest loans to qualify for. New homeowners and individuals who can’t afford a huge down payment or conventional loan will benefit from an FHA loan.
FHA-approved lenders, like New American Funding, are available to help find your family the right loan for your dream house.
All products are not available in all states. All options are not available on all programs. All programs are subject to borrower and property qualifications. Rates, terms and conditions are subject to change without notice.
State Licensing Information.
Pros & Cons of FHA Loans
Learn More About Home Financingand First-Time Homebuyer Programs
www.NewAmericanFunding.com
All products are not available in all states. All options are not available on all programs. All programs are subject to borrower and property qualifications. Rates, terms and conditions are subject to change without notice.
State Licensing Information.All products are not available in all states. All options are not available on all programs. All programs are subject to borrower and property qualifications. Rates, terms and conditions are subject to change without notice.