{"id":5,"date":"2012-04-21T18:45:49","date_gmt":"2012-04-21T18:45:49","guid":{"rendered":"http:\/\/governmentloanpros.com\/washington\/?page_id=5"},"modified":"2012-04-21T18:45:49","modified_gmt":"2012-04-21T18:45:49","slug":"fha-loans-fha-lender-fha-jumbo","status":"publish","type":"page","link":"https:\/\/governmentloanpros.com\/washington\/fha-loans-fha-lender-fha-jumbo\/","title":{"rendered":"FHA loans"},"content":{"rendered":"

Washington FHA loans<\/strong><\/p>\n

One of the most common Home Loans used in Washington to purchase a Single Family Home or Condo is the FHA Loan.\u00a0\u00a0 FHA Loans require a minimal 3.5% down payment, and allow more flexible Underwriting for Debt Ratios, Minimum Fico Scores, and Gift Funds when compared to conventional loans.<\/p>\n

Washington FHA Loans<\/strong> are made by Private Mortgage Lenders. \u00a0 FHA Loans are then insured by the Federal Housing Administration,\u00a0 a Federal Agency that is a department within HUD, the U.S. Department of Housing and Urban Development. \u00a0 The FHA does not loan money direct to Washington Home Buyers. \u00a0 It provides lenders with default protection through mortgage insurance (MIP) in the event the borrower defaults on his or her loan obligation.<\/p>\n

FHA Loans are available to nearly all buyers in Washington<\/strong>. \u00a0FHA Loans do not have a maximum income limit, and are available to First Time Home Buyers as well as Second Time Home Purchasers. \u00a0 FHA loan guidelines allow many creditworthy families to purchase homes or refinance home who otherwise do not meet requirements for conventional loans.\u00a0 \u00a0Conventional loans typically require higher fico scores, lower debt ratios, and longer waiting periods after Bankruptcy, Foreclosure, or Short Sale.\u00a0\u00a0 In most cases,\u00a0 FHA Loans require 3 yrs or less for these events.\u00a0\u00a0 If you have experienced one of these financial hardships,\u00a0 give us a call to see how soon you can become a homeowner again.<\/p>\n

Washington FHA loans require just 3.5% down payment on a home purchase, which can be from the borrowers own funds or a gift from qualified sources.<\/p>\n

The closing costs for a Washington FHA Loan can be paid by the Seller, Buyer, Real Estate Agents, or the Lender (or any combination of the above, up to the limits).<\/p>\n

Washington FHA Refinances require just 2.25% equity in your home, and can consolidate a first and second mortgage into one low 30 yr fixed rate.<\/p>\n

FHA Loan rates are competitive versus conventional loan rates, even with lower down payment requirements than most conventional loans.<\/p>\n

Some other benefits of FHA financing:<\/strong><\/p>\n