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FHA Home Loan
FHA HOME LOANS
Home Loan Financing Options
There are many financing options when you prepare to purchase a home, each offering its own specific benefits and characteristics. When looking at these options, we at Fairway pride ourselves in helping guide you to the program that best fits your needs.
FHA Home Loans
The Federal Housing Administration (FHA) Loan can be useful for a number of people, including veterans. FHA loans offer a multitude of options for both Purchases and Refinances including: Fixed Rate Mortgages, Adjustable Rate Mortgages (ARM), Energy-Efficient Mortgages, Rehabilitation Mortgages (‘Rehab Loans’ for “fixer-uppers”, or home improvements), and more. A FHA Loan comes with a form of mortgage insurance that can be paid either all upfront or in monthly payments. Our Fairway Home Loan Specialists are well versed in FHA loans and can assist you in determining if this is the right loan for you. FHA loans have been helping people become homeowners since 1934. How do we do it? The Federal Housing Administration (FHA) – which is part of HUD – insures the loan, so your lender can offer you a better deal.
- Low down payments
- Low closing costs
- Easy credit qualifying
What does FHA have for you?
Buying your first home?
FHA might be just what you need. Your down payment can be as low as 3.5% of the purchase price. Available on 1-4 unit properties.
Financial help for seniors
Are you 62 or older? Do you live in your home? Do you own it outright or have a low loan balance? If you can answer “yes” to all of these questions, then the FHA Reverse Mortgage might be right for you. It lets you convert a portion of your equity into cash.
How about manufactured housing and mobile homes?
Yes, FHA has financing for factory-built housing. We only offer financing for manufactured homes – homes that are manufactured and attached permanently to the land.
FHA Home Loans are provided by private lenders, then the FHA guarantees a portion of the loan, enabling the lender to provide you with more favorable terms.
For more information on FHA benefits visit the government FHA Home Loan website which this information was excerpted from.
The FHA Home Loan is also an excellent option if you are looking to refinance an existing home loan. Learn more about refinancing in our section on FHA Refinancing
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A VA loan is a home mortgage loan insured by the US Department of Veterans Affairs, available to most US veterans and other classes of eligible military personnel. It allows up to 100% financing, never requires mortgage insurance, and carries flexible underwriting guidelines. VA mortgage rates are often the lowest of all available loan types. VA Loans are guaranteed by the U.S. Department of Veterans Affairs (VA) and are issued by qualified lenders such as VA the Fairway.
This loan program was created in 1944, when the United States government sought a way to help veterans returning from World War II establish credit and a strong financial foundation. This sweeping legislation was a part of the original Servicemen’s Readjustment Act, also known as the GI Bill of Rights. By offering lower interest rates, less stringent credit standards, and not requiring a down payment, the VA Loan Program has played a critical role in leveling the playing field for those who have served our country to establish wealth after war.
USDA loans are overseen by the U.S. Department of Agriculture (USDA) for home purchases by low and moderate income families living in rural areas. In order to qualify for this loan, the home must be located in a predefined eligibility zone. USDA loans typically have no required down payment but carry both an Upfront Guarantee Fee and an Annual Fee. The USDA guarantees up to 90% of the note amount to approved lenders. If you would like to find out if a USDA Loan might be right for your needs, please contact one of our Fairway Home Loan Specialists to discuss the benefits of this type of loan. Learn more about the USDA home loan program here.
Conventional Loans usually require a minimum 3-5% down payment and may also carry private mortgage insurance if you finance more than 80% of the value of the home. Conventional Loans requirements for credit are typically stricter than other loan types as they do not come with a government-backed loan guarantee. Conventional Loans have no Funding Fee and are not required to have mortgage insurance with at least a 20% down payment. Talk with one of our Fairway Home Loan Specialists to find out if a Conventional Loan will meet your specific home-buying or refinance needs.