What Is An FHA Loan? – Crestline Funding
Crestline Funding’s status as a direct lender allows us to avoid paying unnecessary broker’s fees and middle men and to pass these savings to customers. Crestline Funding has the freedom to make its own rules regarding approval qualifications and amounts, allowing Crestline Funding the flexibility to meet all of our customers’ financial needs. Our state-of-the-art streamlined process allows us to pre-approve our customers in minutes – saving them time and money.
What are FHA Loans?
Crestline Funding’s low rates and streamlined process also extends to FHA loans. What is an FHA loan? FHA loans are mortgages insured by the Federal Housing Administration which protects lenders from potential defaults by the buyer. Because these loans are insured by the Federal Housing Administration, prospective borrowers can qualify for loans with lower down payments and are subject to less stringent credit qualifications.
FHA Mortgage Limits
Not all properties are eligible for FHA loans. The Federal Housing Administration annually reviews and sets loan limits on a county-by-county basis throughout the country. As of January 2, 2009, the maximum mortgage limit in high-cost areas is 115% of local median prices, not to exceed $625,500. These limits are also determined based upon rooms, with single-family homes having lower limits than two- or three-family homes. For questions about FHA loan limits, potential borrowers can consult Crestline Funding for a detailed explanation of what is FHA loan requirements for a specific region.
Crestline Funding – Your Friend in the Mortgage Business
When ready to ask questions about what is FHA loan or to start the approval process, customers should first come to Crestline Funding. As a direct lender, Crestline Funding is in the unique position to offer lower interest rates by avoiding unnecessary costs. Crestline Funding originates its own loans and expends its own capital allowing for greater flexibility in approving applicants. Customers may come to Crestline Funding initially for its low rates but we receive many referrals because of our excellent customer service.
Apply Now and Get Preapproved in Minutes
Experience the Crestline Funding difference for yourself by applying for one of our low interest rate loans or just to learn more about what is FHA loan. At Crestline Funding, we pride ourselves in providing expert, friendly customer service and have earned an A+ rating from the Better Business Bureau.
Get a free quote now >>