Contrary to misconception, the FHA doesn’t lend money. They insure loans made by other lenders. 

ADVANTAGES OF FHA LOANS

·         Low down payment: currently as little as 3.5%

·         FHA loans are assumable* with a qualified borrower

·         More flexible underwriting standards

·         Manufactured homes qualify.

·         Gift funds for down payment and closing costs are allowed

·         Up-front Mortgage Insurance Premium can be financed

·         Non-occupant co-borrowers are allowed for qualifying purposes

·         Charges on conventional loans such as tax service fees, underwriting fees, copy & courier fees are not allowed to be charged to the buyer with FHA loans

·         With FHA’s no cost streamlined refinancing you can lower your payment at NO COST to you. Usually, closings can occur quickly.

·         Rehab your house with only one loan using the FHA 203K program

Seattle Team Real Estate can recommend lenders who will perform a no cost pre-approval for serious buyers, and let you know if an FHA loan is right for you.