About FHA Mortgage

FHA loan programs are established to make it easier to obtain a mortgage for people who would normally find it difficult to qualify for a mortgage due to their income level, credit history, or their ability to put down a sufficient amount of down payment. If you are a first-time home buyer or someone who is looking to refinance from a conventional mortgage, then this may be the perfect option for you. Sun West Mortgage Company, Inc. offers a complete line of loan products insured by the federal government’s Federal Housing Administration (FHA) including but not limited to FHA 203(b), FHA 203(k), FHA Manufactured Housing, FHA Section 184 Indian Home Loan, and FHA Back-to-Work.


FHA Mortgage Benefits and Highlights

  • Lower down payment requirements (as little as 3.5% on most products), with gifts funds eligible for use towards your down payment.
  • Lower credit scores requirements. Sun West Mortgage Company, Inc. is able to finance your FHA loan with less-than-perfect credit scores and a FICO as low as 500.
  • A higher Debt-to-Income (DTI) ratio is acceptable.
  • Using an FHA 203k loan, upgrade, improve, or rehabilitate existing and new homes.
  • In some cases, you can use an FHA loan to refinance to avoid facing foreclosure if you are experiencing financial hardship.

FHA 203B

The 203B loan is the FHA standard single-family home loan for the purchase or to refinance a principal residence. The mortgage loan is funded by a lending institution, such as a mortgage company, bank, savings and loan association and HUD insures the mortgage.


The borrower must meet standard FHA credit qualifications:

  • The borrower is eligible for approximately 96.5% financing.
  • The borrower is able to finance the upfront mortgage insurance premium into the mortgage. The borrower will also be responsible for paying an annual premium.
  • Eligible properties are one-to-four unit structures.

FHA 203K

This FHA loan option allows homeowners to rehabilitate their home. The loan may be used for other home improvement projects such as room additions or making your home more energy-efficient. This option may be used both at the time of purchase of a new home or as a refinance of the existing mortgage.


FHA 203H

This FHA 203H helps victims in disaster areas recover by making it easier for them to get mortgages and become homeowners or re-establish themselves as homeowners. Individuals are eligible for this program if their homes are located in an area that was designated by the President as a disaster area and if their homes were destroyed or damaged to such an extent that reconstruction or replacement is necessary.


  • No down payment is required. The borrower is eligible for 100 percent financing. Closing costs and prepaid expenses must be paid by the borrower in cash or paid through premium pricing or by the seller, subject to a 6 percent limitation on seller concessions.
  • Insured mortgages may be used to finance the purchase or reconstruction of a one-family home that will be the principal residence of the homeowner.

Streamline

A FHA streamline refinance loan helps you lower the interest rate, mortgage payment, or loan term of your existing FHA loan, and has less documentation requirements than traditional programs. Additionally, it does not require your property to be appraised.

FHA loans help more home buyers to qualify for a mortgage in order to purchase a home. FHA loans also make it easier for existing homeowners to lower their interest rate and/or monthly payments.



For a list of documents required upon closing, please click here: CHECKLIST


Our licensed and experienced mortgage professionals are ready to answer any questions that you may have. Please call us at 787-SUN-WEST.


Features and Benefits of Loan

One of the main advantages is that you don't need to make a very big down-payment (which can be as low as 3.5% of the purchase price) for an FHA-insured loan. Most traditional loans require an initial payment of 20% of the property cost. College graduates, newlyweds, first-time homeowners and people with low income generally cannot afford a 20% down-payment.

Low Down Payments

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Lower Total Cash to Close

Sellers can help pay closing costs, and borrowers can receive gift money toward their down payments.

Enjoy the best rates

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Streamlined and Cash Out Refinancing

Subsequent refinancing can be far easier and more lenient than with conventional loans.

Eligibility Criteria for Loan

The eligibility criteria for applying for a personal loan may vary from bank to bank but I can say you the most common criteria among the bank.

Age

Maximum age of applicant at loan maturity: 20– 60 and above

Employment

Fulltime job with: 2 years of experience

Self-employed Professionals: 45 years of experience with good turnover

Credit Rating

Apart from the applicant’s company’s performance, individual credit rating has a lot of importance. Good credit rating will increases the chance of getting the loan with more flexibility on loan amount, EMI, tenure and interest rates. Default payment records, fraudulent tracks, and outstanding loan, will reflect negatively on the applicant, this could lead to bank’s cancelling the loan request or will charge high rate of interest.

Eligibility Criteria for an FHA 203(b)

The borrower must meet standard FHA credit qualifications

  • The borrower is eligible for approximately 96.5% financing.
  • The borrower is able to finance the upfront mortgage insurance premium into the mortgage. The borrower will also be responsible for paying an annual premium.
  • Eligible properties are one-to-four unit structures
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Documentation

The following documents are required along with your Personal Loan application:

  • Personal Identity proof (copy of passport/voter ID card/driving license/Aadhaar)
  • Home Address proof (copy of passport/voter ID card/driving license/Aadhaar)
  • Bank statement of previous 3 months (Passbook of previous 6 months
  • Latest salary slip/current dated salary certificate with the latest Form 16

Fees and charges

Today's Mortgage Rates and Refinance Rates:

  • Types of fees

    Charges applicable

  • Rate of interest
    Up to 4.500% -5.990%
  • Processing fees
    Up to 2%
  • Loan statement charges
    Nil
  • Interest & principle statement charges
    Nil
  • Secure fee
    NA

*Service Tax and other Government taxes, levies etc. applicable as per prevailing rate will be charged over and above the Fees and Charges

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Regular Questions on FHA

We are almost ready with your Frequently Asked Questions. Already we answered all question please check below may i will help to you.

A FHA streamline refinance loan helps you lower the interest rate, mortgage payment, or loan term of your existing FHA loan, and has less documentation requirements than traditional programs. Additionally, it does not require your property to be appraised.

This government-insured program offers assistance to homebuyers looking to acquire or refinance a manufactured home that is permanently affixed to the land. With the popularity of manufactured homes growing in the United States, this is a great program for interested manufactured home buyers. Use Sun West Mortgage Company, Inc. highly competitive rates to acquire one today!

This FHA loan option allows homeowners to rehabilitate their home. The loan may be used for other home improvement projects such as room additions or making your home more energy-efficient. This option may be used both at the time of purchase of a new home or as a refinance of the existing mortgage.

  • For detailed guidelines on the FHA 203(k) program please visit HUD’s website here.
  • For a detailed lender guide of the FHA 203(k) program by Sun West Mortgage Company, Inc, please click here.

Sun West Mortgage Company, is here to help guide you through all of the available FHA loan options and assist you in determining which FHA loan option is the best for you. Sun West Mortgage Company. is a fully-approved FHA lender and has extensive experience in underwriting FHA loans.

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