FHA - Fannie Mae/Freddie Mac
A Federal Housing Administration (FHA) loan is a mortgage insured by the FHA and issued by an FHA-approved lender, FHA loans require a lower minimum down payment and lower credit scores than many conventional loans and are principally designed for low-to-moderate income borrowers. Because of their many benefits, FHA loans are popular with first-time homebuyers.
If you are looking to minimize your down payment or if your credit score is less than average, and you’re looking to purchase a home, at MLG Home Financial, will guide you through the entire loan process.
Program highlights:
- FHA - High Balance
- DTI up to 55%
- No appraisal is needed to apply for the streamline refinance FHA program
- Up to 6% of closing costs can be contributed by the seller
FHA - High Balance
Real estate values vary in different parts of the country. In some areas, homes are more
expensive and as a result, the Federal Housing Finance Agency (FHFA) adjusts its loan limits
for these “high cost” areas.
If you are planning to buy a home in an area considered high cost, an FHA High Balance loan may be the best solution for you. At MLG Home Financial, we are experienced in these kinds of FHA transactions and we’ll guide you through the entire loan process.
Program highlights:
- Loan amounts up to $765,000 depending on home location
- Available on primary residence and second/vacation homes
- Condo financing available
FHA - Streamline Refinance
If you have an existing FHA-insured mortgage loan and would like to lower your interest
rate and reduce your monthly payment, then you should consider an FHA Streamline
Refinance from A&D Mortgage. As the name suggests, an FHA Streamline is a relatively
speedy and simplified process. No income and appraisal documentation are required as part of the application process.
At A&D Mortgage, we are experienced in these kinds of FHA transactions and we’ll guide you through the entire loan process.
Program highlights:
- No appraisal and no income documentation are required
- You must have made at least six payments on your FHA mortgage
- To qualify, you're required to be current on your monthly loan payments
