FHA LOAN
MORTGAGE EDUCATION
How Does it Work?
FHA-Approved Lender
An FHA-approved mortgage lender will offer you an FHA-loan.
FHA Insurance
The Federal Housing Administration insures the loan.
Lenient Requirements
The income and credit requirements for the FHA loan are lenient because of that insurance.
Mortgage Insurance
For funding the FHA program, in several cases, mortgage insurance must be paid, which will be added on to your monthly payments.
Property Standards
The home you’re looking to buy must meet the minimum property standards of the FHA.
THE MAIN BENEFITS
There are several advantages that you gain with the FHA loans, which include:
Low Credit Scores
When compared to other loans, you can qualify with low credit scores for the FHA.
Low Down Payment
You can make a down payment as low as 3.5% to buy a home.
FHA Streamline Refinance
You can lower your interest rates by refinancing with the FHA streamline if you already have an FHA loan.
Past Financial Hardship OK
You can qualify for the loan, even if you have faced financial hardship previously, such as a bankruptcy.
Rolled-In Closing Costs
Your closing costs can be rolled into the loan.
Why Choose Iconic Mortgage Corp for Acquiring A Loan
There are several reasons for choosing Iconic Mortgage Corp for acquiring an FHA loan. These reasons include:
FHA Experts
We are an approved FHA-lender and FHA loans are processed every day by us.
Fully Online
There’s less paperwork as the application is completely online.
Live Support
You can talk with our Home Loan Experts via phone, chat, and email to understand if an FHA loan is the right choice for you.
No Payment Fees
We don’t have any charges for making online mortgage payments.
No Prepayment Penalty
There are no penalties for paying off your mortgage ahead of time.
