Home Loans > FHA Financing
Research FHA Mortgage Programs
Whether you are interested in purchasing a new home or refinancing your existing mortgage, you may want to consider an FHA home loan from American Bank. Backed by the Federal Housing Administration, an agency of the federal government, FHA financing promotes home ownership by making it more accessible and affordable. From low mortgage rates to lenient down payment requirements, FHA mortgage options from American Bank could be your ticket to affordable homeownership.
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 (subject to change, call for confirmation). 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.
First Time Buyers Take Note:
FHA home financing is a popular choice for first time home buyers, due to the fact that many first time buyers have little cash to put down at closing. Likewise, FHA loans allow the entire down payment to be gifted from a relative. This can come in handy for first time buyers, as parents often help out when their son or daughter buys a home for the first time.
Call American Bank today at 866-519-2264 to find out if an FHA mortgage is right for you.