What is an FHA Loan?
There are two types of FHA loans: FHA and FHA Streamline
The Federal Housing Administration, or FHA, provides mortgage insurance on loans made by FHA-approved lenders throughout the United States and its territories. FHA insures mortgages on single family and multifamily homes including manufactured homes and hospitals.
Why get an FHA loan?
An FHA loan is for the borrower with a lower income or a lower credit score. Purchasing a home with an FHA loan is much easier. With as little as 3.5% down payment, FHA is a suitable option for many borrowers.
What Greyson can offer you with an FHA loan:
- Lower credit score requirement
- Less strict when it comes to derogatory credit
- Fixed rate and ARMS terms available with no flex term
- 3-,5-,7- year ARMs available
- No prepayment penalty
- Minimum down payment of 3.5%
- Mortgage Insurance is always needed with an FHA loan
What if I want to refinance to an FHA loan?
No problem. Greyson offers FHA refinance as well.
What if I already have an FHA loan but I want to take advantage of these lower interest rates?
No problem. Greyson offers FHA streamlines with new terms and no income verification and no appraisals fees.
Items we need from you
- ID’s – Need 2
- Driver’s License –a good copy so we can read the numbers
- Social Security Card(s)
- Visa’s
- Immigration/Green Card
- Etc…
- All Credit Card Statements – Last 2 months, ALL Pages even if they are blank.
- Bank Statements – All accounts – Last 2 months, ALL Pages even if they are blank.
- Retirement Accounts/Statements – Last 2 months, ALL Pages even if they are blank.
- Divorce Decree – If needed
- Divorce Settlement – If needed
- Deed/Mortgage
- Mortgage Statements – Last 2 months, ALL Pages even if they are blank.
- Closing Statements
- Leases
- Home Owners Insurance
- Property Taxes
- Paystubs – Last 2
- W-2’s – Last 2 years
- 1099’s – Last 2 years
- Tax Returns – Last 2 years
- Sales Contract/Purchase Agreement
- Any additional disclosures