FHA Mortgage Loans

FHA home loans allow both experienced buyers as well as, first time home buyers to purchase a home with less than 3% down. An FHA loan also permits most closing costs and fees to be included in the loan, rather than incurring an out of pocket cash requirement. Current home owners have the opportunity for FHA mortgage refinance up to 97% of their homes value. FHA loans are insured by the Federal Housing Administration. NextHome Mortgage is an approved FHA lender and ready to help you apply for an FHA Loan.

When you apply, a Federal Housing Administration (a division of the Department of Housing and Urban Development) delegated FHA underwriter, will review your application. Once approved, mortgage insurance is provided to protect against loss of principal in case you should fail to meet the terms and conditions of the mortgage. By paying a very small mortgage insurance premium you'll receive two benefits: an FHA appraisal and a lower interest rate on the mortgage than NextHome Mortgage might have offered without the protection.

Why an FHA Loan?

FHA mortgages also allow homebuyers to use gifts from family members to cover their down payment and additional closing costs and fees. Gifts that cover all closing costs and a down payment are acceptable

FHA home loans permit borrowers to have a higher debt-to-income ratio, meaning you can buy more home with an FHA Loan than with conventional types of mortgages. FHA Loans are ideal for people who have not yet accumulated a large cash savings.

Also available from NextHome Mortgage are FHA Loans with a Cash-Out option. Cash-out refinances are a popular way for borrowers to access the equity in their homes to pay off or reduce consumer debts, pay for college or for home improvement.

Explore other options: Adjustable Rate Mortgages, Lender Paid Mortgage Insurance, Interest Only Mortgages, and Fixed Rate Mortgages.