Iowa Mortgage Solutions specializes in providing FHA Mortgage loan financing to homeowners and buyers that occupy properties in the state of Iowa. An FHA Mortgage Loan is a very aggressive program for buyers and homeowners to pursue financing.
The FHA is an agency of the Federal government that insures private FHA Mortgage loans that are issued for new and existing housing as well as loans approved for home repairs. Formed in 1934 by Congress, the FHA became part of the Department of Housing and Urban Development's Office of Housing (HUD) in 1965. Today acts as a buffer to lenders by reducing their risk in issuing loans as well as helping borrowers get amounts they qualify for.
FHA Mortgage loans are not just for first time buyers and are available to everyone looking to purchase or refinance a home. If refinancing a home the current loan Does NOT have to be an FHA Mortgage loan.
The most popular FHA Mortgage home loan program nationwide is the 203(b) FHA home loan that only requires a minimum of 3% from the borrower and permits 100% of their money needed to close to be a gift from a relative, non-profit organization, or government agency.
Today, FHA plays a critical role in financing for minority borrowers, first time home buyers, borrowers who have troubled credit history, and borrowers who have little money to put down on a home.
The main advantage of having an FHA Mortgage home loan is that the credit criteria for a first time borrower is not as strict as Conventional Loans sold to Fannie Mae (FNMA) or Freddie Mac (FHLMC). Someone who may have had a few credit problems or no traditional credit should not have a problem obtaining FHA Mortgage financing.
In addition, the seller may pay part of the traditional closing costs while a borrower's allowable costs can partially be wrapped into the mortgage loan for a refinance.
FHA is very aggressive in allowing potential borrowers to lend up to 95% of housing value for cash out refinancing.
If you have an existing FHA Mortgage loan, it is possible to refinance with through a streamline refinance which requires no income documentation. This is a refinance of the balance only and must reduce the payment to be approved.
Below are some advantages of FHA loans:
Iowa Mortgage Solutions is a approved FHA Mortgage lender servicing the state of Iowa. If you have the desire to obtain a FHA Mortgage loan or are looking for information please call us at 866-543-7377 or locally at 319-377-1988.
Also feel free to Apply Online by completing our application form and a loan officer will call you shortly.