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FHA Loans – Understanding the Basics

The FHA loan program has been sought out by many first time homebuyers because of its flexible qualifying guidelines and reduced down payment requirements when compared to conventional loans.

What Is an FHA Mortgage?

Per HUD.gov, “The Federal Housing administration, generally know as “FHA”, provides mortgage insurance on loans made by FHA-approved lenders throughout the United States and its territories. FHA insures mortgages on single family and multifamily homes including manufactured homes and hospitals. It is the largest insurer of mortgages in the world, insuring over 47.5 million properties since its inception in 1934.” Further information is available here.

What are unique benefits of the FHA loan program?

  • Allows for a down payment as low as 3.5% of the purchase price
  • Closing costs and Pre-Paid (Settlement Charges) can be paid for by the seller up to 6% of the sales price provided it is negotiated within the sales contract.
  • Underwriting guidelines can be flexible with previous credit challenges such as late payments, bankruptcies, and foreclosures, but remember minimum credit conditions will apply and a certain credit score does not guarantee an approval.

Important things you should know about an FHA Loan…

Monthly paid mortgage insurance premium (MIP) is required along with a one-time financed Up Front Mortgage Insurance Premium (UFMIP) that is paid at closing.

Are you interested in an FHA Mortgage?

Metroplex Mortgage Services is known for our overall government loan expertise and how we help homebuyers walk through the qualifying process step-by-step.

(800)806-9836 Ext. 280
PreQualify@MPLX.org

Whether it be USDA, VA, FHA, or Conventional loans just call or email to discuss your scenario and let us show you the “Metroplex” difference.

If you are in the market for a home it is important to become pre-qualified. You can get started in less than 5 minutes! Or you may contact us with any questions you may have.

Get pre-qualified for a FHA loan now!
Questions Contact us here.

Recent Posts

What are the Florida appraisal requirements for a mortgage after Hurricane Ian?

First off, our hearts and prayers go out to all that have been affected by this deadly storm. We hope that everyone was able to survive the storm safely and also that power, water, and internet can be restored as quickly as possible to those that are in need. In the wake of the Hurricane Ian’s path of destruction, I wanted to follow up to discuss the appraisal re-inspection requirements for mortgage loans in Florida post Hurricane Ian. Please note
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Requirements for the Florida Homestead Exemption

Requirements For The Florida Homestead Exemption What is the Florida Homestead Exemption? How does the Florida Homestead Exemption work?  The Florida Homestead Exemption allows homeowners in the state of Florida save money on their property taxes by reducing the taxable value of their property. This lower taxable property value then results in lower property taxes. Timing and eligibility details are critical when looking to qualify for this exemption. Let’s break down how the Florida Homestead Exemption works, how and who can
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Differences between FHA, VA, USDA, and Conventional Loans for Private Road Properties

Differences between FHA, VA, USDA, and Conventional Loans for Private Road Properties You found the perfect home, but the property is located on a private road. How do loans for private road properties differ between mortgage programs? How can a property located on a private road affect your loan approval? When a property is located on a private road, there are important steps that need to be taken to help secure financing. However, there are also differences between private road
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How do you Qualify for a Mortgage after a Chapter 7 or Chapter 13 Bankruptcy?

Qualify for a mortgage after bankruptcy in Tampa Florida

How do you Qualify for a Mortgage after a Chapter 7 or Chapter 13 Bankruptcy in Florida, Texas, Tennessee, or Alabama? What are Conventional, VA, USDA, and FHA bankruptcy waiting periods? As you can imagine, this is one of the most common questions that we receive and in today’s video I will explain the differences between VA, USDA, Conventional and FHA bankruptcy waiting periods and explain how to qualify for a mortgage after a Chapter 7 or Chapter 13 bankruptcy.
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Metroplex Mortgage

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www.nmlsconsumeraccess.org

OFFICES

Alabama, Florida, and Tennessee

8622 N Himes Avenue
Tampa, FL 33614
Local: 813-935-8330
NMLS # 185264

811 US Hwy 27 S
Sebring, FL 33870
863-593-2001
NMLS # 2152298

Texas

13612 Midway Road, Suite 333-05
Dallas, TX 75244
Local: 972-934-1223
NMLS # 356690

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Contact Metroplex Mortgage

Metroplex Mortgage Services, Inc. lends in the following states: Alabama, Florida, Tennessee & Texas. Any loan program may require sufficient equity and certain conditions may apply.

As a VA Approved lender, we are not endorsed or affiliated with the Department of Veteran Affairs. As a USDA Approved lender, we are not endorsed or affiliated by the U.S. Department of Agriculture.

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