Affordable homeownership starts here with FHA loans from Mann Mortgage!
America's most used Affordable Housing program gives you great rates with minimal down payment and flexible credit options.
What are FHA home loans?
For prospective homebuyers in Jacksonville, Phoenix, Ruch, Sams Valley, navigating the world of mortgages can seem complex and overwhelming. Thankfully, our Medford Office is here to simplify the process for you. If you’re looking to borrow money for a home purchase, FHA loans could be an excellent option to explore. With their flexible requirements and government-backed security, FHA loans have helped countless individuals and families achieve their dream of homeownership. In this guide, we’ll break down the fundamentals of FHA loans, how they work in the Medford Office context, their benefits and limitations, and answer some common questions to provide you with a comprehensive understanding.
Not sure where to get started? That's okay too, we're happy to meet you where you're at and direct you to the right place or person.
FHA loans
at a glance.
- FHA loans, insured by the Federal Housing Administration, offer lenders security in case borrowers default on their payments.
- One of the most appealing aspects of FHA loans is their low down payment requirement, often as low as 3.5% of the home’s purchase price.
- FHA loans are accessible to borrowers with less-than-perfect credit, making homeownership attainable for a broader range of individuals.
- FHA loans are assumable, meaning that if you sell your home, the buyer can take over your FHA loan, potentially locking in a favorable interest rate.
- Borrowers with existing FHA loans can explore streamlined refinancing options, making it easier to take advantage of lower interest rates.
Understanding the FHA Loan Process in the Medford Office:
Our Medford Office’s expertise in FHA loans ensures a smooth application process tailored to local needs. Here’s a concise overview:
Determine your budget by getting pre-approved for an FHA loan, considering your credit score, income, and debt-to-income ratio.
Work with a real estate agent to find a home that meets both your needs and FHA requirements.
The home undergoes an FHA appraisal to assess its value and condition, ensuring it meets safety and livability standards.
Once approved, the loan moves to closing, where you’ll sign the necessary paperwork and complete the home purchase.
Determine your budget by getting pre-approved for an FHA loan, considering your credit score, income, and debt-to-income ratio.
Work with a real estate agent to find a home that meets both your needs and FHA requirements.
The home undergoes an FHA appraisal to assess its value and condition, ensuring it meets safety and livability standards.
Once approved, the loan moves to closing, where you’ll sign the necessary paperwork and complete the home purchase.
Applying for a home has
never been easier
Our quick and secure process takes less than 10 minutes to apply.
Learn more about
FHA loans
No, FHA loans are available to both first-time and repeat homebuyers.
No, FHA loans are intended for primary residences, not investment properties.
FHA loans are government-insured and have more lenient credit requirements, while conventional loans are not backed by a government agency and often have stricter criteria.
If your down payment is less than 10%, you’ll have to pay mortgage insurance for the life of the loan. If your down payment is 10% or more, you can request to remove it after 11 years.
While FHA loans are more flexible with credit scores, a higher score will generally result in better terms and interest rates.
Our Medford Office is your trusted partner in navigating the FHA loan process in Jacksonville, Phoenix, Ruch, Sams Valley, and beyond. With their guidance, you can explore the benefits and considerations of FHA loans and make informed decisions to achieve your homeownership goals.
Our Medford Office is your trusted partner in navigating the FHA loan process in Jacksonville, Phoenix, Ruch, Sams Valley, and beyond. With their guidance, you can explore the benefits and considerations of FHA loans and make informed decisions to achieve your homeownership goals.
“Our loan officer was very helpful and kept us in the loop with updates on everything. As a first-time buyer it was an amazing experience to have a team of people that were truly trying to help me and my family get a home.”
Kassandra H.
Let's get you home.
Flexible requirements, low credit score qualifying, & as little as 3% down. Our local loan experts will help guide you.
