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CashFlow Connect Business Online Banking DemoFederal Housing Administration (FHA) Loan
An FHA Loan is a mortgage that’s insured by the Federal Housing Administration (FHA). FHA loans provide an attractive loan option for many borrowers.
While typically associated with first-time home buyers, FHA Loans are ideal for anyone looking to buy, refinance, or improve a home because they offer a low down payment option and more flexible credit and income requirements. First-time homebuyers, borrowers with limited funds for a down payment, applicants with challenged credit scores, or those who want to roll rehabilitation costs into the mortgage, are all great applicants for an FHA loan.
Advantages of FHA loans include:
- Low down payment requirements, as little as 3.5%
- Lower, more lenient credit score thresholds
- No income limits or requirements (maximum loan amount determined by HUD)
- Up to 100% of your down payment can be a gift from a family member or friend
- Eligibility for seller assistance with up to 6% of purchase price toward closing costs
- Fixed rate loan with set interest rate for the life of the loan
- Fixed monthly principal and interest payments
- Streamlined refinance options available
Mortgage Calculator
Use this simple, free calculator to estimate your monthly mortgage payment and see how much you can afford.
A Smart Mortgage Option
Contact us and get started with a no obligation consultation to discuss your home buying needs and mortgage options. Let our mortgage experts guide you in how to apply for an FHA loan that meets your budget. Fill out and submit the form below to get in contact with us or schedule a introductory consultation online.
FHALending@easternsavingsbank.com | 410.568.6037
Connect With Our Residential Mortgage Experts
Hyla Burleson
Senior Mortgage Loan Officer
hburleson@easternsavingsbank.com
(410) 568-6037
NMLS# 2177902
Schedule A Consultation With Me
Additional Mortgage Resources
Things To Know About FHA Loans
There is a lot to know before buying a home or getting a mortgage. Financing with an FHA loan has some unique attributes to be aware of, but we’re here to assist you with the process.
Mortgage Calculator
It’s vital to know how much of a mortgage you can afford. We make it easy to assess your personal finance situation with our simple mortgage calculators.
DISCLOSURES
All loans are subject to application and credit approval. All programs are subject to change and individual loans are subject to approval by Eastern Savings Bank, fsb. Offer of credit is subject to credit approval. NMLS ID: 416453