FHA Loan Programs
The Federal Housing Administration (FHA) has a number of loan programs to help you become a home owner, and we can help find you the right loan program to suit your needs. There are lots of programs and options to choose from, but rest assured, that from start to finish, we know FHA and can get you the best loan that you’re qualified for. We look forward to making the process as smooth and efficient as possible.
1. Credit scores as low as 580
2. Fixed rate, adjustable rate, and high balance loan options
3. $100 down payment for HUD owned real estate (per HUD approval)
4. FHA Streamline with no appraisal, no income and credit scores as low as 620
5. $100 down payment for police officers, teachers, and paramedics with the Good Neighbor
6. Next Door program
7. Save on your energy bills with an Energy Efficient Mortgages (EEM)
8. Roll in the cost of a remodel with a 203(k) Streamline non-structural rehabilitation loan
9. May be eligible for reduced wait times for bankruptcy and foreclosure
Finance home repairs or remodels at closing with an FHA 203(k) Streamline Loan:
Basically with this option, you’re looking at a home with “good bones” but it needs a lot of work. This streamline loan program provides up to $35,000 for renovations and repairs of your primary residence by financing the after-improved value rather than the present value of the home. Qualified borrowers receive a single loan with one closing!
FHA Streamline Loan Highlights:
1. As little as 3.5% down payment
2. Up to $35,000* for repairs or renovation
3. Finance 100% of weatherization/energy efficient improvements**
4. Finance construction costs with a single closing
5. You pick the contractors
6. Wide variety of repairs covered, including roofs, kitchen/bath remodels, flooring, paint, new
7. Appliances, plumbing/electrical repairs, and lead-based paint abatements
* Must include fees, contingency reserve and repairs.
** Dollar limits apply. Energy Efficient Mortgage Program improvements must reduce energy expense of a home to qualify. Examples of qualifying improvements include: central heating/cooling, replacing wall heating units, test and seal duct work, dual pane or low E windows and sliding doors, exterior doors and sunscreens, attic and wall insulation and water heater replacement.
Many of the available FHA loans (including conforming loans and others), have set loan limits by county. To learn more about these FHA programs, feel free to contact a Resolution Funding purchase loan officer today. For a faster response and to see if you're pre-qualified, please complete our secure online application.