FHA Loans for Great Lending Flexibility from Reliance Bank
FHA Loans can be the right answer for the savvy mortgage applicant who is looking for a lower down payment.
Flexible Credit Guidelines and More for You with an FHA Loan!
If you are looking to buy a new home, the FHA Loan may be the mortgage loan for you. Its flexible credit guidelines, low rates, and security of a government-insured loan make it an attractive product. The Federal Housing Administration (FHA), an agency of the federal government started in 1934, creates loans. The FHA has set standards for construction and underwriting, and insures loans made by banks and other private lenders for home building. The goals of the FHA are to improve housing standards and conditions, provide a system of home financing by insuring mortgage loans, and to provide stability to the mortgage market.
Together, our expert loan officers will walk you through the process of obtaining an FHA loan, so call us today!
How the FHA Loan works:
- FHA Loans are available as fixed rate loans with terms of 15 or 30 years
- The Federal Housing Administration creates FHA Loans
- Only a 3.5% down payment is required for home purchases
- Flexible income, debt and credit requirements
Know More about the FHA Mortgage Insurance Program
The FHA’s mortgage insurance program helps low- and moderate-income families become homeowners by lowering some of the costs of their mortgage loans. Borrowers and projects that are otherwise creditworthy may be encouraged by lenders to use loans with FHA mortgage insurance. Having FHA insurance protects lenders against loan default on mortgages for properties that meet certain minimum requirements. FHA mortgage insurance may be available for manufactured homes, single-family and multifamily properties, and even certain health-related facilities.