FHA Loans

 

FHA home mortgage loan financing for borrowers

Let Waterstone Mortgage help you achieve your dreams of homeownership with a Federal Housing Administration (FHA) Loan featuring a low down payment and flexible credit requirements.

 

What is an FHA Loan?

FHA loans are insured by the Federal Housing Administration. These loans are designed to help first-time homebuyers and experienced homeowners alike. FHA loans require mortgage insurance premiums, which serve as protection for lenders in the event a homeowner defaults on their home loan. The availability of FHA loans, guaranteed by the government, allow lenders to offer mortgage financing to more homebuyers.

 

FHA Loan Benefits

  • Down payments as low as 3.5%

  • FICO as low as 585

  • Energy-efficient mortgages, refinances, and renovation loans also available

 

Get started by finding a mortgage loan professional in your area!

 

An FHA loan is a government-insured loan subject to certain qualifications and restrictions. FHA provides mortgage insurance on loans made by approved lenders. The cost of mortgage insurance is paid by the homeowner as an up-front amount that is usually financed into the loan amount, as well as an additional amount that is included in the monthly mortgage payment. For reverse mortgages, borrower eligibility requirements apply. Consult a tax advisor for questions about tax and government benefit implications. If you are a servicemember on active duty, prior to seeking a refinance of your existing loan, consult your legal advisor regarding the loss of any benefits you are entitled to under the Servicemembers Civil Relief Act or applicable state law.

All loan requests are subject to credit approval as well as specific loan program requirements and guidelines. With Adjustable Rate Mortgage loans, the rate is variable and may increase or decrease every year after the initial fixed rate period based on changes to an index. This could result in an increase in the monthly payment.