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Perennial Funding > Loan Options > FHA Loans

FHA Loans

Buying a home with a loan program that does not require a hefty percentage of the purchase price toward the down payment could help fulfill your dream of homeownership.

FHA loans are unmatched in the marketplace when certain financing exceptions are needed to secure funding to buy a home.

Although, many first-time home buyers are unaware of the features that FHA loans offer.

About FHA Loans

Since 1934, home buyers have greatly benefited from flexible lending guidelines that are underwritten in accordance to the Federal Housing Administration.

FHA loans are ideal whether you need to obtain funding to buy a home or to refinance an existing home loan.

Benefits of FHA Loans for First Time Home Buyers

When buying a home, FHA loans have low-down payment requirements for borrowers who have saved less than five percent of the purchase price.

In fact, FHA loans are insured to reduce certain risks that enable mortgage lenders to accept a lower down payment from qualified borrowers who want to purchase a home.

For several decades, millions of first time home buyers have used FHA loans to make their dream of homeownership a reality.

We’re excited to display some of the benefits that FHA loans provide for first time home buyers:

  1. 3.5 percent down payment (not a typo, it’s three point five — versus 20 percent)
  2. Competitive mortgage interest rates
  3. Higher debt-to-income ratios (compared to conventional loans)
  4. Lenient credit guidelines
  5. Accepts lower than average credit scores (minimum of 580)
  6. One convenient monthly payment (includes principal, interest, property taxes, homeowners insurance and mortgage insurance premium)

Get an FHA Streamline Refinance for Your Current FHA Loan

Take advantage of the opportunity to secure a lower interest rate that also provides a lower payment on your home loan. If you are eligible for an FHA streamline refinance, the loan process is expedited much faster than traditional underwriting time frames.

Even if you owe more than your home is worth, you might be eligible for an FHA streamline refinance, as an appraisal will not be required to determine the current market value of your home.

FHA streamline refinance loans have minimal credit requirements to secure an approval.

Applying for an FHA Loan

Getting approved for an FHA loan will require a favorable review of your qualifications.

Without the proceeds from an existing home sale or a 10 percent down payment or greater, an FHA loan could provide the necessary funds to buy a home if you have less than perfect credit or an above-average debt-to-income ratio.

You can apply online for an FHA loan or you can call our office to get assistance from a licensed loan officer.

Our Assumptions

  • Mortgage rates could fluctuate daily.
  • Based on your situation, your payments may vary.
  • See what products are available in your state.
  • Certain jumbo products might not be available to you if you’re a first-time buyer.
  • Some lending services might not be available in all areas. See what’s available to you.
  • Some restrictions may apply.
  • The lock period for your rate is 45 days.
  • Perennial Funding offers a variety of options. You may still qualify for a loan even if your situation doesn’t match our assumptions. Consult us to find out what’s available in your area, and which solutions are best for you.

Get Pre-approved today!

NMLS #247954
Click here for the Perennial Funding NMLS access page.

Perennial Funding LLC, 161 Washington St. Suite 950, Conshohocken, PA 19428

Loan programs are subject to credit approval. Other terms, conditions, restrictions and fees may apply. All of the information on this website is published in good faith and for general information purposes only. Perennial Funding does not make any warranties about the completeness, reliability and accuracy of this information. Any action you take upon the information on our website is strictly at your own risk and we will not be liable for any losses and damages in connection with the use of our website. The content in this website should not be construed as a mortgage loan commitment. From our website, you can visit other websites by following hyperlinks to these sites. While we strive to provide only links to useful and ethical websites, we have no control over the content and nature of these sites and the links to other websites do not imply a recommendation for all of the content found on these sites. Please be aware that when you leave our website, other sites may have different privacy policies and terms, which are beyond our control. Thank you for visiting Perennial Funding's website.
*By refinancing your existing mortgage your total finance charges may be higher over the life of the loan.

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