Home Loans > FHA Financing
Research FHA Mortgage Programs
Whether you are interested in purchasing a new home or refinancing your mortgage, you may want to consider an FHA mortgage. Backed by the Federal Housing Administration, an agency of the federal government, FHA financing promotes home ownership by making it more accessible and affordable.
Benefits of FHA Financing
FHA mortgages have several advantages over conventional financing including:
- Low Money Down Options - When buying a home you can put as little as 3.5% down. The seller can also contribute up to 6% of the purchase price towards closing costs which will further reduce your initial expenses. When refinancing borrow up to 97.75% of the value of your property. This makes it possible to take advantage of today's low mortgage rates even if you haven't built much equity in your home.
- Easier Qualification - FHA mortgages are often available to borrowers with lower credit scores who may not be approved for a conventional loan.
- Low Interest Rates - FHA mortgage rates are often comparable and even sometimes better than other conventional loan programs despite their lower down payment requirement.
Call American Bank today at 877-215-2290 to find out if an FHA mortgage is right for you.