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FHA Home Loans

Tuesday, August 23, 2022

A Federal Housing Administration (FHA) loan is a mortgage product that is insured by the Federal Housing Administration, which is part of the U.S. Department of Housing & Urban Development (HUD). The FHA offers fixed rate mortgages with a low down payment for home buyers and a streamlined refinance process for homeowners. 

Features of an FHA home loan:

•    Down payment as low as 3.5%

•    Fixed rate mortgage options

•    Purchase, streamline refinance, and cash-out refinance options

•    Down payment & closing cost assistance may be available1

•    Lower credit scores may be considered2

Here are additional FHA loans to help support home buyers - 

FHA & VA Credit Advantage

We strive to ensure our clients have an extraordinary home financing experience, so we are pleased to offer the FHA and VA Credit Advantage home loans to help make home buying and refinancing easier for borrowers with credit challenges.Check out the features of the Credit Advantage programs below.

•     Lower credit scores may be considered! Ask your mortgage consultant for further details.

•     Down payment as low as 3.5% for FHA loans.3  No down payment for VA loans if the purchase price does not exceed the appraised value of the home.

•     Seller contributions allowed up to 6% for FHA loans and up to 4% for VA loans.

•     Compensating factors may be considered along with credit history challenges.

UPLIFT

You’ve worked hard to make your dream of homeownership a reality, and that hard work should result in affordable homeownership.  That’s where we come in! Our Uplift program ensures all FHA and VA qualified customers receive low rates and fees, which will reduce their out of pocket cost and monthly payments for years to come.

Uplift program features:

•    Available for qualified FHA and VA loan customers.

•    Down payment as low as 3.5% for FHA loans.4  No down payment for VA loans if the purchase price does not exceed the appraised value of the home.

•    Income must not exceed more than 100% of Area Median Income.  State and county limitations may apply.5

Home Advantage - Nationwide Zero Down FHA Mortgage

The Home Advantage zero down FHA mortgage helps make homeownership more affordable for more customers nationwide. Home Advantage zero down FHA mortgage offers down payment assistance (DPA) up to 5% of the home purchase price to help with your down payment and closing costs.

Home Advantage features:

•    Zero down payment required6

•    No first-time home buyer requirement

•    No income restrictions

•    No geographic restrictions

•    DPA second mortgage is fully forgiven after five (5) years.

•    DPA has a zero percent interest rate and no monthly payments.

•    DPA is available with purchase of a primary residence through FHA

We are ready to help with a broad range of programs and services. Contact your local mortgage consultant today!

No or low down payment options may not be the best product for all borrowers. Please consult your mortgage consultant to discuss your financing options.
Prosperity Home Mortgage, LLC, Prosperity Home Mortgage, LLC dba DFW Texas Mortgage,  Prosperity Home Mortgage, LLC dba Edina Realty Mortgage, Prosperity Home Mortgage, LLC dba FM Lending Services, and HomeServices Lending are not affiliated with or endorsed by any government agencies.
Low down payment options may not be the best option for all borrowers.  Consult your mortgage consultant to review potential loan scenarios and financing options to determine the home loan that is right for you. Not all borrowers will qualify.
Interest rate and annual percentage rate (APR) are based on current market conditions, are for informational purposes only, are subject to change without notice and may be subject to pricing add-ons related to property type, loan amount, loan-to-value, credit score and other variables. Estimated closing costs used in the APR calculation are assumed to be paid by the borrower at closing. If the closing costs are financed, the loan, APR and payment amounts will be higher. If the down payment is less than 20%, mortgage insurance may be required and could increase the monthly payment and APR. Contact us for details. Additional loan programs may be available. Accuracy is not guaranteed and all products may not be available in all borrower’s geographical areas and are based on their individual situation. This is not a credit decision or a commitment to lend.
Some and/or all qualifying criteria may be set by independent third party program sponsors. Contact your mortgage consultant for program eligibility and details.
1. Home Advantage zero down FHA mortgage offers down payment assistance up to 5% of the home purchase price to help eligible borrowers with down payment and closing costs.
2. FHA Credit Advantage allows lower credit scores than standard FHA home loans, and compensating factors may be considered along with credit history challenges.
FHA Credit Advantage and VA Credit Advantage programs may not be the best product for all borrowers or all situations. Consult your mortgage consultant to discuss your financing options.
3. FHA loans have the benefit of a low down payment but there are other loan products with the same option. Ask your mortgage consultant to help you compare the overall costs of all products, including the monthly and long-term costs and conditions of the required mortgage insurance. In many instances, FHA may be a more expensive financing option and should only be considered after thoroughly evaluating all other pr  oduct options that meet your credit qualifying and financial needs.
4. FHA loans have the benefit of a low down payment but there are other loan products with the same option. Ask your mortgage consultant to help you compare the overall costs of all products, including the monthly and long-term costs and conditions of the required mortgage insurance. In many instances, FHA may be a more expensive financing option and should only be considered after thoroughly evaluating all other product options that meet your credit qualifying and financial needs.
5. Uplift program available in Alabama, Arizona, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Maryland, Michigan, Minnesota, Missouri, Nebraska, New Jersey, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Texas, Virginia, West Virginia and Wisconsin. County limitations also apply.  Contact your local mortgage consultant for more details.
6. Standard & customary closing costs still apply.

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