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One of our qualified mortgage specialists can walk you through the process of buying your first, second, or vacation home. We lend nationwide and have many loan programs to choose from. Let us find one that best suits your needs.
We are pleased to announce that we have lowered our minimum credit score standard on all FHA loan products. There are countless reasons why an FHA loan might be right for you, but here at Vinings Mortgage, we believe that these four features are what really sets FHA loans apart.
FHA loans BOE Credit Flexible
FHA loans are not score driven. Instead, they are written in a way that provides the borrower the benefit of the doubt that there had been, at some point in their past, circumstances beyond their control, and as long as the borrower has recovered from those circumstances in a reasonable manner, they're generally going to be credit-eligible for an FHA loan.
Great Rates and Low Monthly Mortgage Insurance
A distinct advantage of an FHA insured loan, as compared to a conforming loan, is great interest rates and lower monthly mortgage insurance (MI). Depending on the program, standard FHA loan interest rates are usually better than a conforming 30-Year Fixed loan.
Safest ARM Currently Available on the Market
FHA guidelines give you the option of doing hybrid Adjustable Rate Mortgages (ARM), including a 3/1 ARM and a one year ARM that has the lowest adjustment caps of any ARM in the industry.
Variety of Property Types Allowed
While FHA Guidelines do require that the property be Owner Occupied (OO), they do allow you to purchase condos, planned unit developments, manufactured homes, and 1-4 family residences, in which the borrower intends to occupy one part of the multi-unit residence.
Streamlined Refinance and Assumable Loans
One of the most important advantages of an FHA loan is the ability for the loan to be assumed. This gives the buyer a significant advantage in a high interest rate market. FHA loans are eligible for streamlined refinance, a program HUD offers that allows the borrower to easily refinance the loan to reduce their interest rate and lower their monthly payment.
Your Dream Home
Is closer than you think. Call TODAY to speak with a Vinings Mortgage qualified mortgage representative.