FHA Home Loans

An FHA loan allows borrowers to buy a home or refinance with less strict financial requirements. If you have a lower credit score, debt, or even a past bankruptcy, you may still be able to qualify for an FHA mortgage.

FHA loans are government-backed by the Federal Housing Administration, an agency under the Department of Housing and Urban Development. FHA loans are insured by the FHA, so if the borrower defaults on the loan, the organization will protect the lender against loss.

FHA loans not only have lower credit score requirements, but they also come with low down payment options, which makes this an attractive loan option for first-time buyers. However, you don’t have to be a first-time buyer to qualify.

Why Consider an FHA Loan?

FHA loans are by far the easiest mortgages to qualify for due to the program’s flexible credit guidelines and low down payment requirements. A borrower who cannot afford a traditional down payment of 20% or has experienced a financial hardship like a short sale, foreclosure, or bankruptcy may be able to benefit the most from the FHA program.

What Are the Benefits of FHA Loans?

3.5% down payment
Credit scores down to 580 (and even lower in some cases)
No prepayment penalty ever
An FHA loan may also be assumable
Up to 57% debt to income ratio, subject to change without notice
Allows for 6% seller paid closing costs
Easy to use gifts for down payment and closing costs
Allows for non-occupying co-borrowers to help qualify

What Are the Waiting Periods After a Hardship?

3 Years from Foreclosure or Short Sale
2 Years from Discharge of Chapter 7 Bankruptcy
1 Year from Discharge of Chapter 13 Bankruptcy

What Are Some Popular FHA Programs?

Standard FHA Purchase

Most popular FHA program for home purchase
Fixed and ARM rates available
1-4 unit properties eligible
3.5% down payment

HUD REO $100 Down Program

Most popular HUD foreclosure program
No appraisal needed
Allows for repairs up to $5K
$100 down payment

FHA Streamline Refinance

Most popular FHA refinance program
No appraisal required
No income verification
Reduced documentation

FHA Cash Out Refinance

Debt consolidation OK
Cashout up to 85% LTV
Debt to income ratio to 50%
Fixed and ARM rates available

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Waymaker Mortgage and The Scottie Campbell Mortgage Team are a division of Groves Capital, Inc.

Company NMLS # 1678775

© Copyright 2021 Waymaker Mortgage | (www.nmlsconsumeraccess.org) | Terms, conditions, and restrictions may apply. Loan products are subject to availability and credit approval. Not a commitment to extending credit. Hometown Lenders USA AZ BK-0949142. Licensed by the Department of Corporations under the California Department of Financial Protections & Innovation. Company License # 41DBO60614. | Mortgage Company Complaint

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Texas Mortgage Banker Disclosure – Figure: 7 TAC 81.200(c) “CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.”

205 ILCS 635/2-9 Posting of license

The license of a licensee whose home office is within the State of Illinois or of an out-of-state licensee shall be conspicuously posted in every office of the licensee located in Illinois. Out-of-state licensees without an Illinois office shall produce the license upon request. Licensees originating loans on the Internet shall post on their Internet website their license number and the address and telephone number of the Commissioner. The license shall state the full name and address of the licensee. The license shall not be transferable or assignable. A separate certificate shall be issued for posting in each full-service Illinois office.

Licensee shall post on their internet web site the address and telephone number of the IDFPR. James R. Thompson Center

IDFPR-Residential Mortgage Banking

100 W. Randolph, 9th Floor

Chicago, Illinois, 60601

Tel: (844) 768-1713