What is an FHA Mortgage Loan?
An FHA loan is a mortgage loan that is insured by the Federal Housing Administration (FHA). An FHA loan is typically one of the easiest types of mortgage loans to qualify for because you can have less-than-perfect credit and the required down payment (3.5 percent) is lower than conventional loans.
FHA Mortgage Loan Qualifications
The FHA imposes certain loan guidelines that FHA-approved lenders and potential borrowers must abide by. In order for an FHA-approved lender, such as Inlanta Mortgage, to approve a borrower for an FHA mortgage loan the borrower must meet the following criteria:
- Must have steady employment history or a minimum of two years working for the same employer
- Must have valid social security number
- Must be using purchased property as primary residence
- The property mush be appraised by an FHA-approved appraiser
Other qualifying criteria will apply. For more information, find a licensed Inlanta Mortgage loan officer near you using our branch locator. Inlanta Mortgage loan officers can securely accept mortgage applications online. If aren’t sure who to apply with, feel free to apply here and we will redirect your application to a loan officer licensed to originate in your area.
FHA Mortgage Insurance – MIP & UFMIP
Since the guidelines for FHA mortgage loans are less strict than conventional mortgage loans and the loan offers a lower down payment option, there is a higher risk of associated with FHA loans. As a result of this increased risk, the FHA requires borrowers to pay mortgage insurance premiums. There are two kinds of mortgage insurance premiums associated with FHA mortgage loans. The first premium, upfront mortgage insurance premium (UFMIP) is one that is paid upfront. In actuality, the UFMIP can be paid in full upfront or financed into the mortgage. The second is an annual insurance premium that is billed monthly. The monthly mortgage insurance premium that will be due each month through the life of the loan. For more information on the FHA mortgage insurance premium collection process, visit Hud.gov.
The expense of FHA mortgage insurance premiums is something you should consider when evaluating various loan programs. Discuss all available Inlanta Mortgage loan program options licensed mortgage loan officer. Your loan officer will be able to help you determine which loan program is best for your unique financial situation.
About Inlanta Mortgage
Inlanta Mortgage is proudly celebrating twenty years in business. Check out our 20th Anniversary Video.
Inlanta Mortgage provides its branches with Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is an agency approved lender for Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs.
Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS #1016. Inlanta Mortgage was recently recognized as one of the Fastest Growing Firms in the Milwaukee-Area, is proud to be named to the Scotsman Guide Top Mortgage Lenders 2012 list and to be among the Top 100 Mortgage Banking Companies in America in 2012.