(248) 983-0111

FHA LOAN

fha

HOW IT WORKS

We are pleased to announce that we have lowered our minimum credit score standard on all FHA loan products.

There are countless reasons why an FHA loan might be right for you, but here at Bank of England Mortgage, we believe that these four features are what really sets FHA loans apart.

Credit Flexible

FHA loans are not score driven. Instead, they are written in a way that provides the borrower the benefit of the doubt that there had been, at some point in their past, circumstances beyond their control, and as long as the borrower has recovered from those circumstances in a reasonable manner, they're generally going to be credit-eligible for an FHA loan.

Variety of Property Types Allowed

While FHA Guidelines do require that the property be Owner Occupied (OO), they do allow you to purchase condos, planned unit developments, manufactured homes, and 1-4 family residences, in which the borrower intends to occupy one part of the multi-unit residence.

Safest ARM Currently Available on the Market

FHA guidelines give you the option of doing hybrid Adjustable Rate Mortgages (ARM), including a 3/1 ARM and a one year ARM that has the lowest adjustment caps of any ARM in the industry.

Great Rates and Low Monthly Mortgage Insurance

A distinct advantage of an FHA insured loan, as compared to a conforming loan, is great interest rates and lower monthly mortgage insurance (MI). Depending on the program, standard FHA loan interest rates are usually better than a conforming 30-Year Fixed loan.

Streamlined Refinance and Assumable Loans

One of the most important advantages of an FHA loan is the ability for the loan to be assumed. This gives the buyer a significant advantage in a high-interest rate market. FHA loans are eligible for streamlined refinance, a program HUD offers that allows the borrower to easily refinance the loan to reduce their interest rate and lower their monthly payment.

FHA Loan FAQs

If you're in search of information on FHA loans, we can help! Here are our most frequently asked questions about FHA home loans.

FHA stands for Federal Housing Administration. A Federal Housing Administration loan provides low-cost insured home mortgage loans that suit a variety of purchasing options. Whether you're buying a home or want or refinance your mortgage, FHA loans might be right for you. If you're unsure about your credit rating or have concerns about a down payment, our FHA loans can give you peace of mind with super low closing costs and flexible payment options.

CONTACT US TODAY

Providing you with unmatched expertise on all of your home needs including purchase, refinance, and reverse mortgage information.

Phone

(248) 983-0111

Fax

888-951-1777

Address

32000 Northwestern Hwy #165
Farmington Hills, Michigan 48334

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