- First-time Homebuyers
- Down Payment Assistance
- Conventional Loans
- FHA Loans
- USDA Loans
- VA Loans
- Community Champions
- HomeReady Program
- Home Possible
- Jumbo Loans
Flat Branch Home Loans strives to provide you and your family with money-saving opportunities by utilizing the FHA Loan while purchasing your new home. Because these loans are insured through the federal government, FHA mortgages can be easier to qualify for than a conventional home loan. With FHA’s less restrictive credit qualifications they have become the largest insurer of mortgages in the world, and lives by its work of placing you in the home you love.
FHA Loan Program Benefits and Highlights through Flat Branch Home Loans
The biggest benefit of an FHA loan is its low down payment requirement. Buyers using this financing can put as little as 3.5% down towards their home purchase. FHA loans carry a 1.75% up front Mortgage Insurance fee that may be rolled into the loan. FHA borrowers are charged monthly mortgage insurance in addition to the up-front fee.
The FHA Loan program benefits buyers to purchase a primary residence with considerably low down payments while obtaining a favorable interest rate. Here is a basic outline of the program and the benefits that we highlight.
|Maximum Loan Allocated||$275,665|
|Minimum Credit Score||600|
|Benefits||No Income Limits|
|Monthly PMI||1.75% Upfront, 0.85% Annually|
203k FHA Loan Opportunity
Found your dream home, but would like to make a few updates or it’s just not quite big enough? Flat Branch Home Loans and FHA Loans are ready to help you with our all-in-one mortgage and home improvement loan. Listed below are some renovation options that we see many home-buyers come in for when looking for a home improvement loan.
203k FHA Loan Renovation Options
Conserve energy with new windows
Update electrical, plumbing or heating
Put in new flooring, carpeting or tile
Add a porch, deck or patio
Renovate or add a room
Paint the house or add siding
*These are just a few of the many home imporvement options you can do with the 203K FHA Loan
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FHA Streamline Refinance
If you currently have a FHA loan you may be able to save money by taking advantage of the FHA Streamline Refinance Program. Through this program you may be able to get a reduction to your interest rate, a decrease in your monthly MI fee, or possibly both. Some of the key features/requirements of this program are as follows:
- NO appraisal is required
- The mortgage to be refinanced must be a FHA loan (fixed-rate and ARMs are allowed)
- Your existing FHA loan must have been in a place for at least six months
- You must be current (not delinquent) on the existing FHA loan
- Primary residences, second homes, and investment properties are eligible
- You cannot take cash out with this program
Flat Branch Home Loans is a Full Eagle FHA lender servicing the entire state of Missouri and Kansas. Our status with HUD allows our team of loan officers to underwrite FHA mortgages on behalf of the US Department of Housing and Urban Development. This means your FHA loan will be processed and underwritten in Missouri by the friendly Flat Branch Home Loans staff. We value where your money is going along the home loan journey and stand by you in your process of buying or refinancing your home.