Bridge Mortgages is an approved FHA home loan lender providing new home financing with low rate FHA mortgages. Buying a home can be a stressful time but FHA home loans make the financing process so much easier. We specialize in FHA loans for first time homebuyers and consumers with limited or poor credit. We recommend FHA mortgage loans to consumers who have less than perfect credit or not much to put down for a down-payment to buy a home. FHA loans enable people who rent to get into the home buying game with a unique financing opportunity at a low mortgage rate.
Fixed Rate FHA Home Purchase Loans
A FHA provides insurance to mortgage lenders that they will receive their mortgage payment even if the buyer defaults.
The cost of this loan insurance is passed to the borrower in the form of an upfront insurance premium (1.5% of the loan amount) and monthly insurance payments (equaling .5% of the loan amount) over the life of the loan.
However, the up-front mortgage premium can be financed into the loan amount directly. Don't forget that the new tax laws consider mortgage insurance as tax-deductible like interest.
How Do FHA Home Purchase loans Work? An FHA home loan is a government inspired loan program that was designed for equal opportunity in the 1930’s. The FHA loans helped get families with lower incomes a lower down payment when buying a new home.
What is the FHA? The FHA is an acronym for Federal Housing Administration.
What are FHA Home Loans and How Can They Help? The first distinction between an FHA home loan and a standard bank loan is that you're not borrowing money directly from the FHA. Instead, you're borrowing from a bank, but that loan is insured and supported by the FHA.Because the FHA insures your mortgage, the qualification requirements are looser, making it easier to qualify. Also, you don't need a perfect credit score to qualify.
Do I Still Need a Down Payment? Yes, but with FHA you only need 3% down.
What are the Requirements for FHA Eligibility? In most cases, you need to be a lawful U.S. resident at 18 years of age. As a FHA lender our underwriters will verify your income, assets to determine that you have the ability to repay the mortgage.
FHA loans are great for first-time buyers and those who are low to moderate income. Be sure if you are shopping loans to request a good faith estimates and disclosures from the mortgage brokers you are talking with. |
