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If you're in search of information on FHA loans, ENG Lending can help!
Here are our most frequently asked questions about FHA home loans.
What are FHA loans?
FHA stands for Federal Housing Authority. A Federal Housing Authority loan provides low-cost insured home mortgage loans that suit a variety of purchasing options. Whether you're buying a home or want or refinance your mortgage, FHA loans might be right for you. If you're unsure about your credit rating, or have concerns about a down payment, ENG Lending's FHA loans can give you piece of mind with super low closing costs and flexible payment options.How do I qualify for FHA loans?
To be eligible for Federal Housing Authority loans, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income. Your credit background will be fairly considered. You must be able to make a down payment, cover closing costs and have enough income to pay your monthly debt. Call ENG to discuss your FHA loan eligibility. What is the cost of FHA home loans?
Interest rates on all home mortgage loans vary according to the economic climate of the country. FHA home loans offer better than standard rates and lower monthly mortgage insurance premiums. Depending on the program, standard FHA home loan interest rates are usually better than a conforming 30-year fixed loan. Call us today for more information on FHA loans.
Can I use FHA loans for home repairs?
Yes! Simple home improvements can be financed with a Federal Housing Authority loan from ENG Lending. Roof repair, disability accessibility improvements, flooring refurbishment, or the purchase of new appliances are just a few eligible improvements you could make with FHA loans. Ask our experts if your project qualifies for an FHA loan. Are FHA mortgage loans assumable and can they be refinanced?
Yes & yes! One of the greatest advantages of ENG Lending's FHA mortgage loans is the ability for the loan to be assumed. This allows the buyer a significant advantage in a high-interest rate market, and affords you an excellent sales advantage over your competition. FHA mortgage loans are also eligible for streamlined refinancing, offering you a lower than standard interest rate, which can lower your monthly payment. Streamlined FHA mortgage loans are an excellent selling feature when you’re ready to move up or move on. For more information on FHA loans, contact ENG Lending today!
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