An FHA (Federal Housing Administration) loan is a loan insured against default by the FHA. In other words, the FHA guarantees that a lender won’t have to write off a loan if the borrower defaults – the FHA will pay.
FHA loans are not for everybody. Nevertheless, they are a great help to some borrowers.
FHA loans allow people to buy a home with a down payment as small as 3.5%. Other loans might not allow such a low down payment.
Who can get an FHA Loan?Almost anybody can get an FHA loan. There are no income limits. However, there are limits on how much you can borrow. In general, you're limited to median home prices in your area. To find the limits in your region, visit HUD's Website. To qualify for an FHA loan, you'll need to have reasonable debt to income ratios.
FHA loans offer a few other bells and whistles:
3.5% down payment required on purchase
Easier to use gifts for down payment and closing costs
No prepayment penalty
Financing for home improvement using FHA 203k programs
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I worked with Residential Savings Mortgage for the purchase of our home and again for my refinance . I can honestly say that Michael Carmell and the staff there made my process fast, easy and pleasant . They are very helpful and informative through it all. After my first experience with them, I didn't think twice. I called Michael as soon as I was thinking about refinancing my home because I knew I could trust them and that I would be in good hands. I highly recommend Residential Savings Mortgage. They truly deliver what they promise and guide you step by step until the very end .
My experience with Michael Carmell at Residential Savings Mortgage was excellent. From the beginning to end he was always very professional. I did not feel pressured at all, he was very polite and patient. Thank you Michael for the painless process, I really appreciate the fast turnaround. Thank you for answering all my questions. I would highly recommend Michael to friends and family. Michael you have been AWSOME!!! Keep up the great job. Thank you and God Bless