FHA home loans are mortgage loans that are insured against default by the Federal Housing Administration (FHA). FHA loans are available for single family and multifamily homes. These home loans allow banks to continuously issue loans without much risk or capital requirements. The FHA doesn't issue loans or set interest rates, it just guarantees against default.
FHA loans allow individuals who may not qualify for a conventional mortgage obtain a loan, especially first time home buyers. These loans offer low minimum down payments, reasonable credit expectations, and flexible income requirements.
Now, there’s a home loan program for good customers who have gone through tough economic times. The Plaza FHA program is designed to provide affordable loans to customers whose credit score has been impacted due to circumstances beyond their control.
Since it’s founding, Sunset Mortgage has strived to help our clients with their home financing. If you can't be approved with your current scores, we will try to help you improve your scores to meet the requirement of getting a new loan.
For the buyer who has a good FICO score of 680 or higher, we may be able to get you a conventional loan with no monthly Mortgage Insurance. With the way FHA has increased their rate, this is an option that could potentially saving you hundreds of dollars a month. Check out our conventional loans to see if you qualify.
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