FHA LOAN
FHA loans are a good option when you’re buying a home, refinancing an existing FHA loan, or need cash from your home’s equity. FHA loans have competitive interest rates, and flexible credit terms, and require a low minimum down payments. They are backed by the Federal Housing Administration (FHA)! You can be empowered on your homeownership journey with an FHA loan whether you’re buying or refinancing.
FHA Highlights
You will discover that qualifying for an FHA mortgage is typically easier than qualifying for a conventional loan. Imagine purchasing a home with a low-down payment at a competitive rate—even if your credit scores are not perfect.
- 1You will need only 3.5% for the down payment
- 2You will need only a credit score of 580
- 3You need to document that you have been steadily employed for two years at a minimum along one career track
- 4You can only use an FHA mortgage to finance the purchase of a primary residence (`1-4 Units)
FHA loan options
FHA Home
Purchase
- All qualified homebuyers are eligible
- Competitive interest rates
- Low minimum down payments
- Minimum credit score often 550
- Mortgage insurance premiums required
FHA Streamline Refinance
- Competitive interest rates
- Less paperwork and faster closings
- Easy credit score qualification
- Mortgage insurance premiums required
- Only existing FHA loans are eligible
FHA Cash Out Refinance
- All qualified homeowners are eligible
- Maximum loan-to-value ratio often 80%
- Minimum credit score often 550
- Mortgage insurance premiums required
Second Finance, Lc | A Mortgage Broker Company | NMLS #1443191
jOHN w. dODD, lOAN oFFICER| NMLS#317222
4484 S Marsalis Ave. Dallas, Texas 75216
(214) 941-8222/ (888) 745-5289 COPYRIGHT 2023
Office Hours 9:am to 6:pm Monday through Friday
