An FHA loan is insured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD). Available to all buyers, FHA loan programs are designed to promote home ownership for the many American's who can't afford a large downpayment. As an FHA approved lender, Gold Star Financial can help you determine if a FHA loan is available for your situation.
FHA loan programs are particularly beneficial to those buyers with little available cash for a down payment. Check to see if you Qualify.
Some of the other benefits of FHA financing:
Only a 3.5 percent down payment is required (The down payment requirement can come from family or close friends).
Closing costs can be financed by using seller concessions.
Automatic qualification for monthly mortgage insurance.
More flexible underwriting criteria than conventional loans.
Loans are assumable to qualified buyers.
Right to prepay loan without penalty.
A stable 30-year fixed rate mortgage (other terms are avaialble).
Can be used for purchase and refinance transactions.
Refinances can often be done without the need for a new appraisal.
