Download - FHA Loan Pros & Cons

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Page 1: FHA Loan Pros & Cons
Page 2: FHA Loan Pros & Cons

State Licensing Information.

What are FHA Loans?FHA-approved lenders, like New American Funding, can offer these loans to people who might have trouble meeting the requirements of a conventional mortgage loan or refinancing.

• FHA loans are mortgage loans backed by the Federal Government.• The most common types are the FHA home loan or FHA refinance loan.

All products are not available in all states. All options are not available on all programs. All programs are subject to borrower and property qualifications. Rates, terms and conditions are subject to change without notice.

Page 3: FHA Loan Pros & Cons

State Licensing Information.

Pros of FHA LoansDown payment as low as 3.5%*

Can use gift money for down payments

Less strict debt ratios for the buyer

Lower closing costs

Lower FICO credit scores allowed

Can use it towards home improvement

All products are not available in all states. All options are not available on all programs. All programs are subject to borrower and property qualifications. Rates, terms and conditions are subject to change without notice.

*Restrictions apply. Subject to borrower and property qualifications.

Page 4: FHA Loan Pros & Cons

State Licensing Information.

Cons of FHA LoansPay More in interest for the lifetime of the loan than a conventional loan

Mortgage insurance added on to monthly payments

Limited to FHA-approved lenders

FHA loans are limited to 115% of median home prices in the area

All products are not available in all states. All options are not available on all programs. All programs are subject to borrower and property qualifications. Rates, terms and conditions are subject to change without notice.

Page 5: FHA Loan Pros & Cons

State Licensing Information.

Basic FHA Loan RequirementsTwo years of steady employment

Credit score of at least 580 or better

No late payment notices in the last two years

Your new mortgage payment should be approx. 30% of your gross income

Valid Social Security Number

Must be a US Resident

All products are not available in all states. All options are not available on all programs. All programs are subject to borrower and property qualifications. Rates, terms and conditions are subject to change without notice.

Page 6: FHA Loan Pros & Cons

State Licensing Information.

Buy That Dream HouseFHA loans are one of the easiest loans to qualify for. New homeowners and individuals who can’t afford a huge down payment or conventional loan will benefit from an FHA loan.

FHA-approved lenders, like New American Funding, are available to help find your family the right loan for your dream house.

All products are not available in all states. All options are not available on all programs. All programs are subject to borrower and property qualifications. Rates, terms and conditions are subject to change without notice.

Page 7: FHA Loan Pros & Cons

State Licensing Information.

Pros & Cons of FHA Loans

Learn More About Home Financingand First-Time Homebuyer Programs

www.NewAmericanFunding.com

All products are not available in all states. All options are not available on all programs. All programs are subject to borrower and property qualifications. Rates, terms and conditions are subject to change without notice.

Page 8: FHA Loan Pros & Cons

State Licensing Information.All products are not available in all states. All options are not available on all programs. All programs are subject to borrower and property qualifications. Rates, terms and conditions are subject to change without notice.