FHA Home Loans
Are you in the market for a new home? An FHA mortgage loan may provide the ideal solution if you would like to minimize your down payment. Issued by private lenders and insured by the Federal Housing Authority (FHA), FHA loans have helped millions of Americans achieve their dream of homeownership. Residential Mortgage Services can help you obtain an affordable FHA home mortgage loan tailored to your unique needs.
The Benefits of an FHA Loan vs. Conventional Loan
FHA loans offer several advantages over traditional loan products:
- Low Down Payment: FHA mortgage loans only require a down payment of 3.5 percent, which is often less than what you’d need for other lending programs.
- Using Gift Money : FHA loan guidelines allow you to use funds provided by parents, relatives or even your employer to cover some or all of the down payment. The seller can also contribute up to six percent of the home’s purchase price toward closing costs, which can be especially beneficial in a buyer’s market.
- Flexible Qualifying Terms: Although there is a minimum credit score requirement for obtaining an FHA loan, it is typically lower than when applying for a conventional loan.
- Finance Mortgage Insurance Into Your Monthly House Payment: Although you will be required to carry mortgage insurance on an FHA loan, you’ll have the option to roll it into your monthly house payment.
- Making Home Improvements: If you're looking to purchase a property that will require upgrades, FHA 203K programs allow you to finance the costs of certain qualified renovations in your mortgage loan.
RMS Stands Apart
RMS offers a quick and easy FHA loan application process. Our simple pre-qualification process lets you know exactly how much home you can afford. You can also apply for an FHA loan online quickly and securely on your computer, smartphone or tablet.
Get the FHA loan process started right now by clicking on the “Apply” button below or by giving one our knowledgeable loan officers a call. We’ll Guide You Home