Was your mortgage application flagged when you tried applying? Not anymore!
If you or someone you know has been denied an FHA home loan, your path forward just got easier.
The Federal Home Loan Administration (FHA) has stopped placing a warning flag on applications from homebuyers with prior FHA loan rejections.
Previously, the FHA system flagged a rejected borrower's record for six months. If the homebuyer tried again with another lender, the flag led to a longer, more stringent review or even to an immediate dismissal.
If you or someone you know has been denied for an FHA home loan, it's a great time to try again.
What's different about FHA Loans?
FHA mortgage programs often allow lower down payment amounts and accept lower credit scores than other loan types.
What are FHA Loans
FHA loans are insured by the Federal Housing Administration. These loans are designed to help first-time homebuyers and experienced homeowners alike by providing them with a low down payment option. FHA mortgage insurance serves as protection for lenders in the event of a homeowner defaulting on their home loan.
How Can FHA Loans Benefit You?
FHA insured loans often give potential homeowners the option of making a lower down payment than they would need to make if using a traditional, non-FHA insured mortgage.
Get Pre-Qualified for an FHA Loan
Now is the time to take advantage of the many benefits FHA loans offer potential homeowners. Plus, it’s now easier than ever to qualify! Our home loan professionals will guide you through the FHA loan process with expert knowledge, competitive rates, and first-class service. Click here to get started with your online pre-approval for an FHA Loan.
FHA Loan Benefits Include:
Down payments as low as 3.5%
Loan is guaranteed by the government
Less than perfect credit can apply
Energy-efficient mortgages, reverse mortgages, refinances, and renovation loans also available
How FHA Loans Benefit Everyone:
They stimulate economic development in the form of expanding tax bases and creating jobs
They also are beneficial for the economy as a whole
FHA was created in 1934 as a direct response to difficulties in the housing industry such as unfavorable mortgage loan terms, low rates of homeownership nationwide and widespread unemployment among construction workers
Whether you're just getting started or you've been denied a loan in the past, we are happy to help you on your journey to a new home.
Please reach out when you're ready.