Malcolm Toussaint

NMLS: 1173002

800-203-0031

malcolmt@oasismortgageaz.com

Malcolm Toussaint
Background image for Oasis Mortgage LLC 1186985

FHA Loans

It's easy to understand why many people looking for a new home are turning to Federal Housing Administration (FHA) insured loan programs. FHA loans, which are insured by the Federal Housing Administration, may provide a path to homeownership for homebuyers who are having difficulty  qualifying for a different type of mortgage. Those who typically benefit most from an FHA loan are first-time home buyers and those who have had  credit issues in the past.

As FHA loan specialists, we can help you understand the FHA loan program and how it may benefit you. We're here to create a customized solution that works best for you and your family.

How FHA Loans Work

At Oasis Mortgage LLC, we want to help you understand how an FHA mortgage loan works. It may surprise you to learn that FHA doesn’t lend any money. Instead, it provides insurance to lenders who make loans according to its guidelines. Because of this, the lender may consider you to be a less risky borrower than someone who might not have the backing of the federal government. Our role is to make sure that you understand this unique program. We can help you  determine if you qualify and what documentation you’ll need to secure financing with an FHA loan.

FHA Loan Benefits

FHA-insured mortgages can help more people enter the home buying market. Check out the list below to understand some of the benefits of an FHA mortgage.

Easier To Qualify For – because these loans are backed by the federal government, lenders are more likely to give you the kind of loan that you need.

Low Down Payment – FHA-insured mortgages require a down payment of 3.5%, minimizing the amount of money you will need upfront to buy a home.. Additionally, the 3.5% down payment can come in the form of gifts from family members and other parties.

Credit-Challenged Borrowers May Still Qualify – FHA loan guidelines are more forgiving of credit issues than many other mortgage programs.  Because of this, those with prior  credit issues may have an easier time getting this type of loan.

Better Interest Rates – with the backing of the federal government, these loans typically have a better interest rate than most traditional mortgage loans.

Better Home Stability – the FHA has programs designed to help homeowners keep their homes during hard times.

FHA Loan Checklist

When you're applying for an FHA loan, the following list of documents will help expedite the process. We can help you understand any part of the FHA loan process, so don't hesitate to contact us with any questions.

Employment Info

Savings Info

Personal Info

FHA Loan Common Questions

What is the FHA?

What makes an FHA-insured mortgage beneficial?

Is there an FHA program to help me refinance my loan?

Can I get a "fixer-upper" of a home with an FHA mortgage?

Can I pay an FHA loan off early?

Can an FHA-insured loan help me lower energy costs?

What is the recommended debt-to-income ratio for FHA loans?

Are FHA loans assumable?

Will I have to pay mortgage insurance with an FHA loan?

Where can I find FHA forms and other literature?

What is the FHA loan limit in my area?

FHA Qualifications

In order to qualify for an FHA loan, a borrower typically needs to meet these criteria:

FHA Streamline Refinance

If you already have an FHA mortgage, then you may qualify for an FHA Streamline Refinance. An FHA Streamline Refinance is a great way for a borrower with an existing FHA-backed mortgage to reduce their interest rate, reduce their payment, or possibly both.

Here are some really cool facts about an FHA Streamline Refinance:

These materials are not from HUD or FHA and were not approved by HUD or a government agency. In some cases, a refinance loan might result in higher finance charges over the life of the loan.

Get Pre-approved for an FHA Loan Today!

Start your Pre-Approval Now