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.
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.
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.
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.
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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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 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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