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FHA Mortgage Financing Solutions
Gateway Bank Mortgage offers a variety of low money down FHA
loan programs at great mortgage interest rates to home
buyers and homeowners in Maryland, Virginia, North Carolina, South
Carolina, Georgia and Florida. Whether you are looking to purchase
your first home or are looking to cash-out some of the equity in
your existing property, let our FHA loan experts help you find the
right loan product to meet your needs.
Call us today at 877-728-3569 or complete the rate quote
form on this web site to learn more.
What is a FHA Loan?
A FHA loan is a government insured home loan provided by FHA-approved
lenders. FHA stands for Federal Housing Administration which is
a division of the Department of Housing and Urban Development. Therefore,
if a borrower defaults the FHA is to pay the loan. A FHA Loan is
a popular among first time home buyers because the minimum down
payment is only 3.5% and the down payment can be gifted.
Requirements for FHA Loans:
- 620 minimum credit score
- Minimum down payment of 3.5%, however the down payment can be
a gift.
- Require Upfront Mortgage Insurance Premium of 1% which is typically
financed into the loan amount
- Monthly Mortgage Insurance required for most FHA loans equal to
0.85% to 0.90% annually
- Must have a valid Social Security Number
- Two years of steady employment
- Bankruptcy is at least two years old
- A foreclosure is at least three years old
Benefits of FHA Loans
- Low to No down payment from borrower
- Interest rates are often better than conventional loans
- No interest rate increases due to credit score, so a great option
for less than perfect credit borrowers
- Cash-out refinancing available up to 85% of home value with NO
increase to the interest rate
- Qualification is often less difficult than for conventional loans
Why Gateway Bank Mortgage for Your FHA Mortgage Loan?
- Low Money Down Financing
- Highly Competitive FHA Mortgage Rates
- Higher Cash-Out Refinance Limits Than Most of Products
- Fast In-House Underwriting Helps You Close Faster
- Expert FHA Financing Consultants
- Low Cost FHA Streamline Financing Available
Call us today at 877-728-3569 for a free consultation or request
rates using the Rate Quote form on this page.
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