Buy or Refinance a Home with FHA Loans
FHA mortgage loans are a popular choice among homeowners and home buyers because they offer lower down payment options and have more flexible credit standards than many other mortgage loan types.
This government-insured loan is guaranteed by the Federal Housing Association and is designed to make affordable homeownership accessible to millions of Americans. Home buyers and homeowners who are interested in refinancing their mortgages can do so with an FHA loan product from NLC Loans.
Types of FHA home loans include FHA streamline loans, which are designed to lower the interest rate and/or monthly payment of an existing FHA mortgage loan; FHA cash out refinancing, which offers homeowners the ability to refinance their current mortgage (whether it be an FHA loan or other mortgage loan type) into an FHA loan while cashing out some of their built-up equity; and FHA purchase loans, which can be utilized to buy home.
FHA Loan Quick Facts:
- FHA loan terms have a minimum credit score requirement of just 580
- Recent changes in FHA guidelines mean you may be eligible even if you’ve been denied in the past
- Close in as little as 30 days with an FHA Streamline refinance
- FHA loans have a minimum down payment of just 3.5%
- No pre-payment penalties if you pay your mortgage off early
- Choose from a fixed-rate or adjustable-rate FHA loan
- 15, 20, 25, and 30-year FHA loan terms available
- No appraisal required with an FHA Streamline refinance
- Insured by the Federal Housing Administration
- Past bankruptcies and/or foreclosures may be considered for approval
Why Choosing NLC Loans for Your FHA Loan is a Great Choice
As a nationally-licensed direct lender that was founded in 2003, NLC Loans is no stranger to the mortgage industry. Our innovative customer-first approach to home financing makes us a national leader not only for FHA loans, but for conventional loans, VA loans, USDA loans, and HARP refinance loans as well.
At NLC Loans, we don’t just finance homes—we finance home. As our customer, you will enjoy the peace of mind of our Five Year Rate Guarantee, which allows you the option to refinance at any time in the five years following their loan closing without paying lender origination fees.
You’ll also receive helpful tips on how to use your home as the investment it is wisely and with a purposeful strategy that will allow you to do things like save money for retirement or college savings accounts, pay for home remodeling or repairs, pay off debt or even create an emergency cash reserve fund to protect your family in the event of financial catastrophe.
Is an FHA Mortgage Loan Right for Your Home Purchase or Refinance?
- If your credit isn’t perfect
- If you have less than 20% equity in your home and you want to refinance
- If you’ve had a bankruptcy or foreclosure two or more years ago
- If you have a limited budget for your down payment
- If you already have an FHA loan and you want to save money with an FHA Streamline refinance loan
Think an FHA mortgage loan or FHA refinance might be right for you? Contact us for a no-cost, no-obligation mortgage quote today.
As a result of refinancing, your total finance charges may be greater over the life of the loan. Ask your NLC Loans Personal Mortgage Advisor for more details.