What Are FHA Loans
FHA loans are a popular choice among homeowners and home buyers because they offer lower down payment options and have more flexible credit standards than many other mortgage loan types.
This government-insured loan is guaranteed by the Federal Housing Association and is designed to make affordable homeownership accessible to millions of Americans. Home buyers and homeowners who are interested in refinancing their mortgages can do so with an FHA loan product from Nations Lending Corporation Loans.
FHA Loans at a Glance:
- FHA loans have a minimum credit score requirement of just 580
- FHA loans have a minimum down payment of just 3.5%
- Close in as little as 30 days with an FHA Streamline refinance
- Choose from a fixed-rate or adjustable-rate FHA loan
- No pre-payment penalties if you pay your mortgage off early
- 15, 20, 25, and 30-year FHA loan terms available
- Insured by the Federal Housing Administration
Is an FHA Mortgage right for You?
- If your credit isn’t perfect
- If you have less than 20% equity in your home and want to refinance
- If you’ve had a bankruptcy or foreclosure two or more years ago
- If you have a limited budget for your down payment
- If you already have an FHA loan and you want to save money with an FHA Streamline refinance loan