2016 FHA County Loan Limits
FHA home mortgage loans are insured by the Federal Housing Administration. Although FHA mortgage rates may typically be higher than conventional mortgage loans, FHA home loans offer many distinct advantages including low down payment requirements, flexible credit guidelines as well as the ability to lend in declining markets.
Federal Housing Administration
The Federal Housing Administration was established in 1934 to advance homeownership opportunities for all Americans; assist homebuyers by providing mortgage insurance to lenders to cover most losses that may occur should a borrower default on the loan; and to encourage lenders to make loans to borrowers who might not qualify for conventional mortgages.
FHA loans are easier to qualify for. If you don’t have a lot of cash for a down payment or much equity in your current home, or even if your credit isn’t perfect, you can still take advantage of this loan option.
FHA home loans are underwritten by the Federal Housing Administration. These loans are designed specifically for home buyers who do not have the traditional 20% down payment available.
Because FHA loans are easier to qualify for, they are best for buyers with less-than-perfect credit. In fact, you can buy a home with as little as 3.5% down payment under an FHA loan program from LOANLYNX.
- As low as just 3.5% required for down payment
- Flexibility in credit, income, and equity/down payment requirements
- 100% gift allowed for a down payment and closing costs
- Includes a Mortgage Insurance Premium
- Fixed Rate and Adjustable Rates are available
- Choose from 15- and 30-year fixed-rate terms for your FHA loans.
- Recently reduced Mortgage Insurance Premium (-.50%)
FHA Loan Benefits
- Low down payment
- Closing costs can be funded by gifts or grants
- No cash reserves needed
- Non-occupying co-borrowers are allowed
FHA Potential Candidates
- First-time homebuyers
- Borrowers lacking a sufficient down payment
- Individuals that lack credit history
- Using gift or grant money for down payment
- Those concerned about income qualifications
FHA Eligible Property Types
- Single Family Residences
- Manufactured Homes
FHA Loan Programs
LOANLYNX is a bespoke loan brokerage with a full menu of FHA residential mortgage programs. Life isn’t one size fits all…neither should your mortgage.
Our Robust FHA Product Line
A Loan for Every Home.
FHA Mortgage Products