FHA Loans

We have been working with FHA loans for over a combined 20 years and have built an extensive knowledge regarding this loan product and the options it provides first time and seasoned homeowners who are looking to purchase a new home or refinance their existing loan. Below are some of the facts and some information regarding FHA insured loans in Georgia, and how they can help you achieve your home ownership dreams today!

FHA Loans Background Information

FHA loans have been helping people become homeowners since 1934. The Federal Housing Administration (FHA) – which is part of HUD – insures the mortgage loan. This insurance serves as an umbrella under which lenders have the confidence and ability to extend loans to those who may not meet conventional loan requirements, FHA’s mortgage insurance allows individuals to qualify who may have been previously denied for a home loan by conventional underwriting guidelines or investor overlays.

FHA loans can also benefit those who would like to purchase a home but haven’t been able to put money away for the purchase, like recent college graduates, newlyweds, or people who are still trying to complete their education. It also allows individuals to qualify for a FHA loan whose credit has been marred by bankruptcy or foreclosure or a slow payment history. Seasoning on these items is a requirement.

Benefits to utilizing an FHA loan when purchasing a home.

  • Low down payments (3.5%)
  • The down payment may be gifted from a relative
  • Lower closing costs
  • Lower financing rates
  • Easier credit qualifying
  • Higher debt ratios are ok

Benefits to utilizing an FHA loan when refinancing your home.

If you currently have an FHA loan

  • No appraisal is needed!
  • No income documentation required

If you do not currently have an FHA loan

  • Refinance up to 97.75% the value of your home on a rate and term refinance
  • FHA allows 85% loan to value on cash out transactions

Let the knowledge of Mortgage Solutions of Georgia work for you when you consider using the FHA mortgage program to help you finance you next home loan. We have long and extensive background of utilizing these loans. Also, be sure to check out our testimonials page to see what our clients are saying about us!