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.
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.
or APPLY HERE.