FHA Mortgages

What is an FHA Loan?

An FHA loan is a home mortgage that is insured against borrower default by the Federal Housing Administration. Because of that guaranty from the Federal government, lenders who normally would lend 80% or less of the value of a home will lend up to 96.5% at a competitive rate of interest.  FHA loans are not just for first-time homebuyers, though many first-time homebuyers opt to make their first mortgage an FHA loan.  There are no income ceilings or specific asset requirements, and the credit underwriting is deliberately flexible to facilitate home ownership.  Some features include:

· Down payment of only 3.5% of purchase price is required
· Funds for closing can be a gift from a relative or eligible downpayment assistance
· Up to 6% seller-paid closing costs and prepaids
· Common-sense underwriting for those with less-than-perfect credit
· No-hassle, low-documentation Streamline refinances available to current FHA borrowers

Unlike many of our competitors, Midwest Mortgage Capital is among a select few Missouri lenders who have been granted delegated authority to approve loans for FHA in-house. Whereas most companies claiming to be FHA lenders have to send their loan files to other lenders’ corporate headquarters for approval, which can take days or weeks, Midwest Mortgage Capital processes and approves your loan file right here at our corporate office, which means you close quickly and with much less hassle.

To learn more details and to get prequalified for an FHA loan, please contact your local Midwest Mortgage Capital Mortgage Consultant or apply online.