• FHA Loans

  • BUY OR REFINANCE A HOME WITH FHA LOANS 

    FHA loans require a 3.5% down payment, a minimum 620 credit score and the seller can pay up to 6% of the sales price toward your closing costs. Mortgage insurance is required and is calculated based on the amount of the down payment. Lenders are looking for twelve months of good payment history on items listed on your credit report.

    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 Magnolia State Mortgage.

    Types of FHA home loans include FHA streamline loans, which are designed to lower the interest rate and/or monthly payment of an existing FHA loan; FHA cash out refinancing, which offers homeowners the ability to refinance their current mortgage (whether it be an FHA or other mortgage loan type) into an FHA loan while cashing out some of their built-up equity; and FHA purchase loans, which can be utilized to buy home.

    FHA LOAN QUICK FACTS:

    • FHA loans have a minimum credit score requirement of just 620
    • Recent changes in FHA guidelines mean you may be eligible even if you’ve been denied in the past
    • Close in as little as 30 days with an FHA Streamline refinance
    • FHA loans have a minimum down payment of just 3.5%
    • No pre-payment penalties if you pay your mortgage off early
    • Choose from a fixed-rate or adjustable-rate FHA loan
    • 15, 20, 25, and 30-year FHA loan terms available
    • No appraisal required with an FHA Streamline refinance
    • Insured by the Federal Housing Administration
    • Past bankruptcies and/or foreclosures may be considered for approval (conditions may apply)

    IS AN FHA MORTGAGE RIGHT FOR YOUR HOME PURCHASE OR REFINANCE?

    •  If your credit isn’t perfect
    • If you have less than 20% equity in your home and you 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

    Think an FHA mortgage loan or FHA refinance might be right for you? Contact us for a no-cost, no-obligation mortgage quote today.