FHA Loan

  • FHA Loan

    FHA Loan

    Mortgage Network Solutions in Greenville helps homeowners secure FHA loans. FHA loans allow you to purchase a home with a 3.5% down payment, or refinance a home up to 96.5% of the home’s value. FHA loans are easier to qualify for, and offer several homeowners an easy way to secure financing.
    See if you pre-qualify for an FHA loan today!

    Streamline FHA

    If you have an FHA loan that originated before June 2009, you may qualify for a streamline FHA refinance. This means that you can refinance your current FHA loan with a very simple process. Unlike the standard refi or loan application process, the Streamline FHA makes it easier.

    If you are currently over 4.5%, a new FHA program could save you THOUSANDS!

    Here are some benefits of a Streamline FHA Loan:

    • Better loan terms
    • You do NOT need an appraisal on your home, even if you are upsidedown
    • You do NOT need to verify your income or employment
    • Your credit score will NOT be pulled

    This program is easy to apply for and you can find out within minutes if you may apply for the FHA Streamline Loan. Take advantage of the lower interest rates and all of what this FHA program has offer.
    Call 302.999.1600 for an FHA Streamline Refinance today!

    About FHA Loans

    FHA loans originate from the Federal Housing Administration and are insured by HUD (US Dept. of Housing) so that lenders can offer more affordable mortgage rates. FHA loans require lower down payments and closing costs. There are even options for financing 100% of the loan, and several grant programs that provide FHA loan customers financing for the down payment.

    FHA loans offer options to those who’ve undergone bankruptcy or foreclosure. They’re available to first time homebuyers, refinancers and anyone who’s purchasing property and doesn’t already have an existing FHA loan. The guidelines for debt ratio and job qualifications are more lenient than a conventional loan.

    Refinancing your Mortgage with an FHA Loan

    You may refinance your home loan with an FHA loan if you don’t currently have an existing FHA loan. Refinancing options include fixed, adjustable (ARM) and buy-down mortgage rates, although most buyers have a fixed-rate FHA loan. Refinancing with an FHA loan is allowable even if you’re late on your current mortgage or facing foreclosure.

    FHA loan applicants find that FHA loans do not have as strict of income guidelines nor credit history as conventional loans. FHA loans offer competitive rates for those in foreclosure or bankruptcy. There are also options for loan consolidation with FHA loans.

    FHA Loan Qualifying

    FHA loan requirements are more flexible than conventional loans and provide the easiest application. Below are the requirements for FHA loans:

    • Need two years of consistent employment – preferred by the same employer.
    • Income over the past two years is the same, or increasing.
    • Credit guidelines vary; please ask Mortgage Network Solutions for details.
    • Bankruptcies must be 2 years old; good credit since the bankruptcy
    • Foreclosures must be 3 years old; good credit since the foreclosure.
    • Mortgage payment of your new home must be around 30% of your gross income.

    To see if you pre-qualify for a FHA home loan, contact Michael DeVincentis today at 302.999.1600.

  • About the Author

    Your Lender For Life. Michael DeVincentis
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Mortgage Network Solutions
RMLO - Michael DeVincentis
NMLS #147678
Home Loans 3828 Kennett Pike Suite #200
Greenville, DE
Business Phone: 302-999-1600
Cell Phone: 302-290-5601
Fax: 302-999-1600

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"Our loan was difficult based on the fact that I was self employed. Michael and his team found the best product available for our situation, and made ... more "
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