Crestline Funding’s FHA Loan Programs
FHA loan programs were created by the United States Federal Government to help increase home ownership. As a Housing and Urban Development-approved FHA lender, Crestline Funding offers FHA loan programs with low down payments and closing costs.
FHA loan programs are insured by the Federal Government which allows lenders a greater ability to extend financing to borrowers with less-than-perfect credit histories.
About FHA-Loan Programs
Lower Down Payments – FHA loan programs allow borrowers to purchase a home for as low as 3.5% down. Borrowers who choose to have a down payment less than 20% are subject to paying PMI (private mortgage insurance) as part of their monthly mortgage payment.
Easier Credit Qualification Requirements – FHA loans have a minimum FICO score of 620. FHA loan programs allow for home purchases in as little as two years after a bankruptcy and three years after a foreclosure.
Debt Ratios – FHA loans allow for higher debt ratios than traditional home-buying programs.
Single Family Home FHA Loan Programs
The most common FHA loan programs are for single family homes. These loans are reserved for owner-occupied residences and can be used to finance condos, public urban developments and single family homes. There is no maximum sale price required by most FHA loan programs, but maximum loan amounts may be enforced.
Mortgage Refinance FHA Loan Programs
FHA loan programs are in place for borrowers who desire to change from an adjustable rate mortgage to a fixed rate mortgage and also allow borrowers access to bill consolidation programs, no-cost interest rate reduction programs, and the ability to lengthen or shorten the terms of existing loans.
About FHA Loan Programs
FHA loan programs have allowed first-time home buyers to pay low down payments and closing costs since 1934. Insured by the Federal Housing Administration, FHA loan programs make it possible for lenders such as Crestline Funding to give first-time borrowers a better deal. Through FHA loan programs, first-time home buyers are able to purchase the home of their dreams for as little as 3.5% down.
Crestline Funding – Your Friend in the Mortgage Business
As a direct lender, Crestline Funding is an independent financial institution that can create custom-tailored loan programs for its customers, regardless of their credit history. Crestline Funding has the power to set its own lending standards for loan approvals and debt ratios. Crestline Funding also has a state-of-the art loan processing center which allows our clients to be approved in as little time possible. This streamlined process is not only advantageous for home buyers but those looking to refinance an existing home loan as well.
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