For a first-time homebuyer or repeat buyer, an FHA loan from Southeast Home Loans may be the best fit. An FHA loan is a mortgage backed by the government. Its flexible requirements and easier approval guidelines make this type of loan appealing. Southeast Home Loans is here to help homebuyers understand the extra costs and rules associated with an FHA loan.
Backed and insured by the Federal Housing Administration, FHA loans are available with low down payment options and lower minimum credit score limits. However, homeowners will also have to allocate funds for mortgage insurance.
The FHA Loan Limits are updated annually, and are determined by the percentage of conforming loan limits set by the Federal Housing Finance Agency, or (FHFA) and by location. The FHA determines lending limits based on property type. Aside from a single family house, the FHA insures loans to buy a duplex, triplex, or four-unit property.
FHA loans require a minimum down payment of 3.5%, improving accessibility to homebuyers with limited funds. Down payment assistance programs may also be available, so be sure to inquire with Southeast Home Loans for more information.
FHA Loans are considered assumable, which means that a future buyer can take over the existing loan. This feature is very attractive to potential buyers because they assume the original terms of the loan, which can potentially mean a lower interest rate.
FHA loans offer streamlined refinancing which can simplify the process of refinancing in the future. These options have fewer requirements, such as not requiring an appraisal, which may make the process more efficient, saving homeowners both time and money.
Southeast Home Loans, LLC. was founded in 2020 by Karlton Govan with the objective of making homeownership affordable by offering accessible mortgage lending options. The company’s mission is to provide affordable home loans to individuals, acknowledging the significance of homeownership in attaining financial stability, strength, and independence. Southeast Home Loans, LLC is firmly committed to realizing this dream by continuing to offer affordable mortgage solutions and supporting clients throughout their homeownership journey.
Company NMLS: 1927621
