Smart Financial Services, INC.
Smart Financial Services, INC.
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  • WE ARE HERE TO HELP
  • FHA LOANS
  • VA LOANS
  • CONVENTIONAL LOANS
  • REFINANCE
  • JUMBO MORTGAGE LOANS
  • CONDOS
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  • CONTACT US
  • More
    • Home
    • ABOUT US
    • WE ARE HERE TO HELP
    • FHA LOANS
    • VA LOANS
    • CONVENTIONAL LOANS
    • REFINANCE
    • JUMBO MORTGAGE LOANS
    • CONDOS
    • TESTIMONIALS
    • CONTACT US

  • Home
  • ABOUT US
  • WE ARE HERE TO HELP
  • FHA LOANS
  • VA LOANS
  • CONVENTIONAL LOANS
  • REFINANCE
  • JUMBO MORTGAGE LOANS
  • CONDOS
  • TESTIMONIALS
  • CONTACT US

FHA LOANS

Federal Housing Administration


FHA - (Federal Housing Administration) Loan
 

FHA loans are insured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD). FHA does not loan money to borrowers, rather, it provides lenders protection through mortgage insurance (MIP) in case the borrower defaults on his or her loan obligations. Available to all buyers, FHA loan programs are designed to help creditworthy low-income and moderate-income families who do not meet requirements for Conventional Loans.

FHA loan programs are particularly beneficial to those buyers with less available cash. The rates on FHA loans are reasonable, while down payment requirements are lower than Conventional Loans.

Some of the other benefits of FHA financing:
 

  • First time home buyers or those that want to refinance
  • Require less cash up front than most conventional loans
  • Only 3.5% percent down payment is required.
  • Closing costs can be financed.
  • Lower monthly mortgage insurance premiums and, under certain conditions, automatic cancellation of the premium.
  • More flexible underwriting criteria than conventional loans

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