What is a FHA Home Loan?
With an FHA Loan, you can refinance up to 97.75 % of your home’s value and only need 3.5% down payment on a purchase. Or make a smart financial move and get cash from your home to consolidate your 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. FHA loans are available in both a 15- and 30-year terms. Created and insured by the Federal Housing Administration, FHA loans are a great fit for just about everyone.
When is a FHA Loan right for you?
- Is your ARM adjusting and you need to refinance to a low-cost fixed-rate mortgage?
- Do you want to get cash out of your home?
- Do you want a fast approval?
- Do you have a lower credit score or lower household income?
- Are you purchasing a home and have a low down payment?
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