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News - FHA mortgage loan

By Jim Pendleton - MrMortgageTM

FHA Loans - FHA Mortgage Lender

We are here to explain the FHA mortgage loan program and the mortgage application process. This will help to make applying and getting approved a great deal easier. For those who qualify, FHA mortgage loans can have a number of important advantages, but it is important for home buyers to understand just what these loans are and how they work.

What is an FHA Mortgage Loan?

In its most basic terms, an FHA mortgage is one that is insured by the Federal Housing Administration. Most FHA mortgages can often offer those who are qualified lower interest rates than traditional mortgage loans. There are a number of reasons why these loans can offer such favorable rates, but one factor is the government guarantee. Since the FHA mortgage is backed by the federal government, there is less risk to the lender. For this same reason, FHA loans can often be a good choice for those with less than perfect credit.

Credit History 

One of the benefits of the FHA mortgage loan is that those borrowers with less than perfect credit can often still qualify for a mortgage. Credit scores do not apply and those with valid explanations for past problems may still be able to qualify.

Down Payment Requirements

In contrast to conventional mortgage products, which frequently require down payments of 10 percent or more of the purchase price of the home, the down payment on a FHA loan is as little as 3 1/2 percent. FHA also allows the entire down payment to be in the form of a gift.  

Applying for an FHA Loan

Applying for a loan through Jim Pendleton MrMortgageTM is simpler than ever before. We have combined the speed and ease of the Internet with the hands on approach that our customers have come to expect. Once you apply online for an FHA loan, your file is assigned to one of our FHA loan specialists for preliminary review. Within 24 hours, your assigned loan specialist will contact you, via e-mail or phone, to review your application and go over the application process.

. You could apply for your FHA loan, with very little effort. 

 

 

 

Call 631-451-7400 or APPLY HERE.