We are pleased to announce that we have lowered our minimum credit score standard on all FHA
loan products. There are countless reasons why an FHA loan might be right for you, but here at Bank of England
Mortgage, we believe that these four features are what really sets FHA loans apart.
There are countless reasons why an FHA loan might be right for you, but here at Bank of
England Mortgage, we believe that these four features are what really sets FHA loans apart.
FHA loans are not score driven. Instead, they are written in a way that provides the borrower the benefit of
the doubt that there had been, at some point in their past, circumstances beyond their control, and as long as
the borrower has recovered from those circumstances in a reasonable manner, they're generally going to be
credit-eligible for an FHA loan.
Great Rates and Low Monthly Mortgage Insurance
A distinct advantage of an FHA insured loan, as compared to a conforming loan, is great interest rates and
lower monthly mortgage insurance (MI). Depending on the program, standard FHA loan interest rates are usually
better than a conforming 30-Year Fixed loan.
Safest ARM Currently Available on the Market
FHA guidelines give you the option of doing hybrid Adjustable Rate Mortgages (ARM), including a 3/1 ARM and a
one year ARM that has the lowest adjustment caps of any ARM in the industry.
Variety of Property Types Allowed
While FHA Guidelines do require that the property be Owner Occupied (OO), they do allow you to purchase
condos, planned unit developments, manufactured homes, and 1-4 family residences, in which the borrower
intends to occupy one part of the multi-unit residence.
Streamlined Refinance and Assumable Loans
One of the most important advantages of an FHA loan is the ability for the loan to be assumed. This gives the
buyer a significant advantage in a high interest rate market. FHA loans are eligible for streamlined
refinance, a program HUD offers that allows the borrower to easily refinance the loan to reduce their interest
rate and lower their monthly payment.
FHA stands for Federal Housing Administration. A Federal Housing Administration loan provides low-cost
insured home mortgage loans that suit a variety of purchasing options. Whether you're buying a home or
want or refinance your mortgage, FHA loans might be right for you. If you're unsure about your credit
rating, or have concerns about a down payment, our FHA loans can give you peace of mind with super low
closing costs and flexible payment options.
To be eligible for Federal Housing Administration loans, your monthly housing costs (mortgage principal
and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly
income. Your credit background will be fairly considered. You must be able to make a down payment, cover
closing costs and have enough income to pay your monthly debt. Call Bank of England Mortgage to discuss
your FHA loan eligibility.
Interest rates on all home mortgage loans vary according to the economic climate of the country. FHA
home loans offer better than standard rates and lower monthly mortgage insurance premiums. Depending on
the program, standard FHA home loan interest rates are usually better than a conforming 30-year fixed
loan. Call us today for more information on FHA loans.
Yes! Simple home improvements can be financed with a Federal Housing Administration loan from Bank of
England Mortgage. Roof repair, disability accessibility improvements, flooring refurbishment, or the
purchase of new appliances are just a few eligible improvements you could make with FHA loans. Ask our
experts if your project qualifies for an FHA loan.
Yes & yes! One of the greatest advantages of our FHA mortgage loans is the ability for the loan to be
assumed. This allows the buyer a significant advantage in a high-interest rate market, and affords you
an excellent sales advantage over your competition. FHA mortgage loans are also eligible for streamlined
refinancing, offering you a lower than standard interest rate, which can lower your monthly payment.
Streamlined FHA mortgage loans are an excellent selling feature when you're ready to move up or move on.
Contact us today at (407) 333-7395 to get started or start an application today.