FHA Loans
Experts in financing throughout the Northwest.
How does an FHA Loan work? Tighter lending guidelines by the government has helped the Federal Housing Authority to emerge is as a popular
loan product for savvy borrowers across the Northwest. When it comes
to buying a home with minimal money down (3.5%) the FHA loan program
is one of the best in the market. When it comes to refinancing your
home the FHA is an excellent loan for high LTV cash out refinances.
With its flexible underwriting guidelines and aggressive rates the financing program will continue to attract borrowers for the foreseeable
future. We encourage you to contact us today to find out if working with us
is the right for you.
Flexible, Secure, Great for Purchases and Refinances
FHA loans can be used to purchase a new home or to refinance an existing mortgage and take cash out of your home's equity. The main advantages of our financing is that they allow a higher loan to values with better rates then standard conforming loans and that they use more flexible credit criteria making it easier to qualify. At Northwest Mortgage Experts we take the time to sit down with our clients and walk them through the pros and cons of using an FHA mortgage to purchase or refinance their homes. Our current programs include: 30 Year Fixed, 15 Year Fixed, 5/1 Adjustable Rate, and 3/1 Adjustable Rate Loans.
Buying a home through the FHA program:
"If you looking to buy a home in the greater Seattle area with the least amount of money down and you still want a great rate, then an FHA purchase loan is for you."
- Are government backed
- Offer flexible lending guidelines that make it easier to qualify borrowers
- Down payment can be as low as 3.5% of the purchase price of the home
- Down payment money can come from a family member as a gift.
- Allow seller concessions up to 6% of your home purchase price.
- Rates are typically less than that of conventional rates for high loan to value transactions.
- As part of a federal economic-stimulus package, loan limits have been raised from $362,790 to $567,500 in the Seattle / Bellevue metropolitan area. This amount is greater than King County's median single-family home price of $440,000, and buyers are responding. Learn more about the FHA loan limits in your area.
- Less than Perfect Credit borrowers may still be able to qualify
- Eligible properties include: 1-4 unit family home, condos, and manufactured homes
Refinancing with an FHA mortgage
"If you're planning on sending a child to college, consolidating high interest debt, taking a vacation, or making home improvements an refinancing can be an effective tool to put your home's equity to work."
- You can refinance up to 97.75% of your home's value.
- Can be used to take cash from your home to consolidate high-interest debt to a low fixed rate.
- Cash Out Refinance Loans allow you to take out up to 85% of your home's value.
- Closing costs can be rolled into the new loan.
- Have less strict underwriting allowing for borrowers with Less Than Perfect Credit
- Streamline Option: If you currently have an FHA Loan, you could get a lower mortgage rate and payment with FHA Streamline. The Streamline Program offers a limited documentation option, with flexible credit requirements, and often does not require an appraisal.
