FHA Loans

Making homeownership possible for everyone

Removing Barriers to Homeownership

FHA mortgages can make homeownership possible for borrowers with low credit scores or those that want a small down payment. 

FHA home loans are able to offer less demanding lending requirements versus traditional mortgages since the Federal Housing Administration insures them. Popular among first time homebuyers, a borrower may be able to qualify for an FHA mortgage even if they are denied a conventional loan.

Insured by the Federal Housing Association

A Mortgage for Those with Lower Incomes and Less-Than-Perfect Credit
One of the most popular features of an FHA loan is the allowance of low credit scores. In fact, those with a credit score as low as 500 FICO could still qualify for a mortgage through an FHA loan. Low-to-moderate income borrowers who haven’t been able to obtain a mortgage through a conventional loan may also be able to qualify through an FHA program. If you’re concerned that you won’t be able to qualify for a mortgage due to your income level or credit score, contact a RoundPoint Mortgage Servicing Corporation loan officer to find out if an FHA mortgage is right for you.

Very Low Down Payment Options
Another attractive FHA loan feature is the 3.5% minimum down payment. While the exact down payment required varies depending on credit score (typically 3.5% is allowed for credit scores of 580 FICO and above), an FHA loan is a great way to purchase a home without a lot of money saved to put down. 

Down Payment Assistance Grants Could Help Make Home Buying More Affordable 
FHA loans also allow down payment and closing cost assistance grants to help reduce the out-of-pocket cost of a new home loan. These grants are offered locally, often to first time homebuyers, and provide a portion of the home sales price to assist with down payment and closing costs. Sometimes these grants are even non-repayable, meaning you never have to pay back that money. Find out if there is a down payment and closing cost assistance grant in your area. 

Easy Refinances with an FHA Streamline
If you already have an FHA mortgage on your home, an FHA Streamline Refinance could help you save time and money when you’re ready to refinance. Use an FHA Streamline Refinance to lower your monthly payment by refinancing to a lower rate or change your loan term. This refinance option doesn’t require a credit check or appraisal to qualify.

Finance Your Home Renovation Project with an FHA 203(k) Loan
Use an FHA 203(k) renovation loan to get cash out to use toward repairs and improvements. From simple repairs to major remodeling, the FHA 203(k) can help you afford your home improvement project through the low rates of a home mortgage and one monthly payment. With a cash-out refinance, you refinance your mortgage for more than you currently owe, then get the rest out as cash to use for other needs – with an FHA 203(k) you use that cash to fund your renovation project. Reach out to a Loan Officer today to find out if this option is right for your situation.