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FHA Home Loans

Federal Housing Administration (FHA) loans are insures mortgages issued by lenders, like banks, credit unions and nonbanks.

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Step in Your Dream Home with an FHA Loan

Are you getting ready to buy a new home with an FHA loan?

We understand that all the information you need to secure a mortgage can be overwhelming. We at Sprint Funding will help you through grasping the FHA mortgage lingo, the types of FHA home loans, and the FHA loan requirements.

Sprint Funding is an ever-growing mortgage company that provides a systematic and simple approach in helping you, our borrower, have the best possible experience as you go through the FHA loan process.

You will be assisted by our amazing and experienced loan officers whom you can trust to consult with regarding your FHA loan so that you will make a well-informed decision.

We keep your best interest at heart as you get ready to buy your new home with an FHA loan.

FHA Home Loan - Sprint Funding

What is an FHA Loan?

An FHA loan is a loan or mortgage that is insured and regulated by the Federal Housing Administration. The loans are provided by private lenders who meet specific qualifications.

FHA loans have become a favorite of home buyers because of their affordability and credit requirement leniency.

The Federal Housing Administration is a U.S. government agency that offers mortgage insurance to the approved lenders.

This insurance protects lenders in cases when borrowers are not able to pay loans. FHA pays lenders a specified claim amount when borrowers are unable to pay a mortgage.

Sprint Funding is your best go-to FHA mortgage broker.

We highly recommend FHA loans to first-time buyers and low- to moderate-income homebuyers or those who have limited income and savings for a down payment.

If you are ready to purchase and move into a beautiful home with competitive FHA mortgage rates and terms, connect with us.

Together, we will discover if this is the best option for you.

What are the Basic Types of FHA Loans?

FHA loans generally allow down payments that are as low as 3.5% and credit scores that are lower than what is required for most conventional loans.

There is amusing flexibility in the different types of FHA loans you can choose from.

There are a variety of features for each type that may be an answer to your mortgage woes.

These types also lean towards what style of home you desire from condos to townhomes and even fixer-uppers.

Sprint Funding offers assistance on all the basic types of FHA Loans.

We will help you understand which one will best suit your home financing needs.

Fixed Rate

If you don’t have a lot of cash on hand or savings in your bank account that you can pull resources from to make a large down payment, we recommend this type of FHA loan available in 15- and 30-year fixed-rate term competitive rates and very inclusive credit-guidelines

Adjustable Rate

Also called Adjustable Rate Mortgage (ARM) which comes with an interest rate that changes over the life of the loan and is notably lower than the interest rate of a fixed-rate FHA loan.

ARM is further categorized into three types according to the number of years at which the rates increase:

  • 1- and 3-year ARMs
  • 5-year ARMs
  • 7- and 10-year ARMs

You should be extra careful when choosing this type of FHA loan since the rates increase depending on market activity.

This mortgage plan will work best for you if you anticipate a pay increase that can cover an increased mortgage or if you plan to sell your home before a significant increase in your rate occurs.

Section 245 (a) Graduated Payment Mortgage

A technically 30-year loan where you can most likely pay off early depending on your chosen set schedule for your loan payment with a monthly payment increase.

You will have to adjust your monthly budget to be able to pay a little extra every month so that you can pay down the principal faster for an early payoff.

Mobile Home Loan

If you plan to purchase a mobile home or a manufactured home, this FHA loan type can help finance it.

It can be used to purchase a home or a combination of the home and lot. If you will be leasing a lot for your home, the requirement is an initial lease of at least 3 years.

There are maximum loan limits and loan terms for Mobile home loans.

Condo Loans

FHA loans are available for condos that are listed in the FHA approved developments and communities that show these signs of stability including a high percentage of owner-occupied units, few non-residential square footage, low restrictions on buying and selling, and no rent-pooling agreements.

203 (k) Loan

If you want to revamp your new home to increase its sales value, this FHA loan will help finance the cost of home repair or renovation at a competitive rate compared with other credit sources.

Home renovation projects covered by this loan include kitchen and bathroom updates, major systems repairs, flooring and roofing, and home additions.

Energy Efficient Mortgage (EEM)

This is a financing add-on that incorporates the cost of approved energy efficient upgrades into your home loan.

This loan requires an energy assessment to prove that it will be cost-effective.

These upgrades include:

  • Windows
  • HVAC systems
  • Insulation
  • Solar technology
  • Wind technology

Reverse Mortgage or Home Equity Conversion Mortgage (HECM)

We recommend this to senior homeowners who own a property or a considerable amount of equity that can be converted to cash for a supplement of income.

HECM is the only reverse mortgage insured by the U.S. Federal Government and can only be obtained through an FHA-approved lender.

FHA Loan - Sprint Funding

FHA Loan Requirements and Guidelines

Similar to other types of loans, there are certain requirements that should be met and guidelines to follow for you to be able to qualify for an FHA loan.

This is proof for the lender of your ability and willingness to meet your monthly payments, the down payment, and other loan processing and closing costs.

Sprint Funding will gladly assist you in making sure that all the requirements outlined below that you need for an FHA loan are met:

  1. Minimum Credit Score: 500
  2. Down Payment: 3.5% if your credit score is 580+ and 10% if your credit score is between 500-579
  3. Front-end ratio (mortgage payment, property taxes, Homeowners Association Fees, mortgage insurance, and homeowner’s insurance) needs to be less than 31% of your gross income.
  4. Back-end ratio (mortgage payment plus all other debts that you pay on a monthly basis) must be less than 43% of your gross income.
  5. Loan Terms: 15 or 30 years
  6. Loan Limits or FHA lending limits for 2020:

Low-Cost Area:

  • $314,515 (SIngle),
  • $403,125 (Duplex),
  • $487,250 (Triplex),
  • $605,525 (Four-plex)

High-Cost Area:

  • $726,525 (Single),
  • $930,300 (Duplex),
  • $1,124,475 (Tri-plex),
  • $1,397,400 (Four-plex)
  1. Mortgage Insurance: Upfront MIP plus Annual MIP for the entire term of the loan, depending on the LTV (Loan-to-Value ratio) and length of the loan.
  2. Property Status: Property to be financed must be your principal residence and must be owner-occupied.
  3. Property Appraisal should be performed by an approved appraiser.
  4. Detached or semi-detached houses, townhouses, row houses, and condos must be FHA-approved.
  5. Other considerations: steady work history, excellent payment history (utility and rent payments), valid Social Security number, lawful resident in the U.S., of legal age.

FHA mortgage - Sprint Funding

Secure an FHA Loan with Sprint Funding: A Trusted FHA Loan Broker

Sprint Funding is the best experienced and trusted FHA broker where you will engage with top talent certified loan officers to help you know if an FHA loan will work best for you as you plan on purchasing your home.

We value your home financing needs and would love to help you move into your dream home quickly and affordably. Let’s sit down and talk about the property you want to buy and we will respectfully see through your financial history, credit score, and other FHA loan requirements.

We guarantee the best service and best competitive rates as we implement the best mortgage practices in the simplest way.

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