FHA Funding

Interest rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans. Down payments can be as low as 3 percent, and closing costs can be either be wrapped into the mortgage or paid for by the seller (limits may apply).

FHA Loans Section 203(b) (Purchase or Refi)

FHA Loans Section 203(b) is the most frequently used FHA program. You may use this program to purchase new or existing 1-4 family homes, including manufactured homes, in both urban and rural areas. A section 203(b) fixed mortgage may be repaid in monthly payments over 15 or 30 years.

Everyone, who has a satisfactory credit record, enough cash to close the loan, and sufficient steady income to make monthly mortgage payments can be approved for a section 203(b) mortgage. To get a section 203(b) loan, you need to apply to a HUD-approved lender such as FHAFunding.com.

FHA Steamline Refi (Existing Fha Borrowers only)

If you currently have an FHA mortgage you are eligible for one of the simplest money saving refinances available today, the FHA "Streamline Refinance". The streamline refers only to the amount of documentation and underwriting that needs to be performed by the mortgage company, and does not mean that there are no costs involved in the transaction.

Reverse Mortgages (HEMC)

Reverse Mortgage requirements are that all parties on title for a particular home is over 62 years of age. Reverse Mortgages allow for the borrowers to use the equity in their home for any purpose they choose, most usually for retirement, without repayment until a “maturing event” occurs.

Reverse Mortgages are guaranteed by the U.S. Government and laws to protect the borrowers from losing their home and goes to great lengths to protect the estate of the borrowers.

Please Note: Under government regulations for Reverse Mortgages, all we are able to do, is discuss your options, take basic information to verify there is a benefit, present those benefits to you. At this point, we are required to refer you to a government certified counselor (this person is employed by the federal government) to go through your options and to verify you understand all options. In addition we are required to put into writing the options we discussed and provide those to you.

We are not allow to order appraisal or submit loan for underwriting approval until the counselor certifies that he/she has discussed your options with you and provided any supporting documents. Once a counselor certifies their conversation with a borrower, then the paperwork can besubmitted for underwriting.

These steps are designed to protect our nations senior citizens. FHAFunding.com fully supports these efforts and encourages our customers to include their children in more financial decisions as they age.