A lot of real estate agents cringe when they hear the word FHA. but the truth is, they have just been working with the wrong mortgage professional. We do FHA right – with great rates, low payments, and fast, worry-free closings – so you can help more of your clients into the homes of their dreams.
Just 3.5% down
For less than a few months rent, your clients could be building equity into a home of their own. Building equity is much easier than you might expect. It can be achieved by simply paying your monthly mortgage payments! Little by little, as you are paying off your mortgage, your equity is accumulating. This gives you the security of converting assets into cash if you get into a bind. In short, building equity into your home is a long-term strategy for building wealth.
Our FHA loans are more forgiving when it comes to past credit. The most common reason that buyers tend to find FHA loans attractive are for this reason. You can qualify for an FHA loan as long as your credit is at least in the 600 range, which is considered “decent”. An important thing to remember when deciding if this loan is right for you, is that with lower credit score, comes higher interest rates. An FHA loan is specifically designed for low-to-moderate income buyers, which makes it easier to qualify for than other common home loans.
Fast and worry-free
We close most loans in 30 days or less. Your clients may even be able to include their closing costs in the mortgage. By closing so quickly, you will be able to get a lower mortgage rate than those who take closer to 45 days. There is some prep work that can be done in order to help your closing move along quickly. Get your documents (tax returns, pay stubs, etc.) together before applying, preview your mortgage credit score, avoid major life changes (changing or quitting jobs, making big purchases like a car, making a large deposit into your bank account), and stay in touch with your lender.
Gift funds accepted
‘Your clients’ family members are welcome to help out with the down payment. The actual definition of gift funds are “contributions of cash or equity with no expectation of repayment.” The key thing to pay attention to there is that, again, there is no expectation of repayment. These kinds of funds can only be used on primary residences and both the giver, and the gift, must meet certain FHA requirements.
Looking for a mortgage expert that does FHA loans the right way? Let’s talk today!