FHA Loans

• Average closing cost savings of $1,000+

• Free appraisal* with closing: $500 value

• Typical monthly payment savings $300+

• Free professional home loan consulting

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 FHA loans are 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 loan to purchase or refinance their homes. Our current FHA programs include: 30 Year Fixed, 15 Year Fixed, 5/1 Adjustable Rate, and 3/1 Adjustable Rate Loans.

Buying a home with an FHA loan

"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."

• FHA Loans are government backed
• FHA Loans 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.
• FHA Loans allow seller concessions up to 6% of your home purchase price.
• FHA Loan rates are typically less than that of conventional rates for high loan to value transactions.
• As part of a federal economic-stimulus package, FHA's 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. (link to FHA loan limits)
• Less than Perfect Credit borrowers may still be able to qualify for FHA Loans
• Eligible properties include: 1-4 unit family home, condos, and manufactured homes

Speak to a local expert about FHA financing: (Contact US)

Refinancing with an FHA Loan

"If you're planning on sending a child to college, consolidating high interest debt, taking a vacation, or making home improvements an FHA Refinance Loan 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.
• FHA Loans can be used to take cash from your home to consolidate high-interest debt to a low fixed rate.
• FHA 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.
• FHA Loans have less strict underwriting allowing for borrowers with Less Than Perfect Credit
• FHA Streamline Option: If you currently have an FHA Loan, you could get a lower mortgage rate and payment with FHA Streamline. The FHA Streamline Program offers a limited documentation option, with flexible credit requirements, and often does not require an appraisal.