Success Mortgage Partners, Inc. helps homeowners secure FHA loans. FHA loans allow you to purchase a home with a 3.5% down payment, or refinance a home up to 125% of the home's value, depending on the specific product you choose. FHA loans offer several homeowners an easy way to secure financing.
See if you pre-qualify for an FHA loan today!
Streamline FHA Refinance
If you have an FHA loan, you may qualify for a streamline FHA refinance. This means that you can refinance your current FHA loan with a very simple process. Unlike the standard refi or loan application process, the Streamline FHA makes it easier.
Here are some benefits of a Streamline FHA Refinance Loan:
- Better loan terms
- You do NOT need an appraisal on your home, even if you are upsidedown
- You do NOT need to verify your income or employment
Call 904-514-6969 for an FHA Streamline Refinance today!
About FHA Loans
FHA loans originate from the Federal Housing Administration and are insured by HUD (US Dept. of Housing) so that lenders can offer more affordable mortgage rates. There are even options for financing 100% of the loan, and several grant programs that provide FHA loan customers financing for the down payment.
FHA loans offer options to those who've undergone bankruptcy or foreclosure. They're available to first time homebuyers, refinancers and anyone who's purchasing property and doesn't already have an existing FHA loan.
Refinancing your Mortgage with an FHA Loan
You may refinance your home loan with an FHA loan if you don't currently have an existing FHA loan. Refinancing options include fixed, adjustable (ARM) and buy-down mortgage rates, although most buyers have a fixed-rate FHA loan.
FHA loan applicants find that FHA loans do not have as strict of income guidelines nor credit history as conventional loans. There are also options for loan consolidation with FHA loans.
FHA Loan Qualifying
Below are the requirements for FHA loans:
- Need two years of consistent employment - preferred by the same employer.
- Income over the past two years is the same, or increasing.
- Credit guidelines vary; please ask Success Mortgage Partners, Inc. for details.
- Bankruptcies must be 2 years old; good credit since the bankruptcy
- Foreclosures must be 3 years old; good credit since the foreclosure.
- Mortgage payment of your new home should be around 30% of your gross income.
- Must pay an upfront Mortgage Insurance Premium at closing