The Best FHA Loans & VHA Loans

Get the Home Loan that’s Right for You

A Mortgage For Everyone

Not everyone can qualify for a conventional loan. Luckily, that’s not your only home loan option. FHA loans and VHA loans are home loans that are managed and backed by the federal government. These home loans help people who don’t qualify for conventional loans, such as those with lower incomes, to still buy a home. Contact us today to get started!

Advantages Of FHA/VHA Loans

  • Can be easier to qualify for than a conventional loan

  • Closing costs and mortgage rates are often lower

  • Sometimes monthly mortgage insurance premiums are lower

  • Can have lower down payment

  • Can have poor credit

  • Can buy a home without waiting to build up enough savings for a conventional loan

  • Can live in your dream!

FHA/VA LOANS

When most people think of a home loan, they often think of something more straightforward, like a conventional loan. At Pineywoods Mortgage, we’re here to tell you that’s not your only option, as many homeowners that struggle to qualify for conventional loans have been able to purchase a home through the use of an FHA loan.

The National Housing Act of 1934 established the Federal Housing Administration, which is the government body that manages FHA loans. The part of the FHA that deals with home mortgages is intended to help those who normally wouldn’t qualify for a home purchase to buy a home.

THE PURPOSE OF AN FHA LOAN

FHA loans are intended to help first-time homebuyers and others who are struggling to qualify for a conventional loan, not necessarily investors who are looking for investment properties. It’s important to note that FHA does not lend you the money itself. FHA is a facilitator, meaning it backs the mortgage you receive from an FHA-approved lender. Fannie Mae and Freddie Mac do not originate FHA loans, but they are big companies that buy mortgage loans through the secondary market that are backed by the federal government.

These popular loans are insured through the Federal Housing Administration. They give you the ability to put less money down, and to sometimes use funds from a gift or a grant toward your down payment. They’re also available for people at virtually any income level. To be eligible, you’ll need a minimum credit score of 580, and your down payment needs to be a minimum of three-and-a-half percent. Additionally, you need to be able to afford to pay your mortgage insurance up front, and for the term of the loan.

Pineywoods Mortgage in Tampa is in the mortgage business to make dreams come true. When you partner with a mortgage broker like us, we will work with lenders that will fund FHA loans or VA loans (Veterans’ Housing Authority). Below, we’ll review exactly how FHA loans or VA loans can help you in your home purchase. Contact us today!

Reasons To Obtain An FHA Or VHA Loan

Lower Down Payment

For many first-time homebuyers and others, a barrier to entry to home ownership is the down payment. Twenty percent is required for conventional mortgages, and depending on how much your home costs, this could be a good chunk of change. FHA loans and VHA loans help to reduce that burden by requiring only 3.5% down. After all, they don’t want to give you the house for free. This makes it much easier to purchase a home.

Lower Credit Score

You don’t have to have the best credit to qualify for an FHA mortgage. However, you do have to have credit. If you don’t, now is the time to start building credit. Pineywoods Mortgage in Tampa, a mortgage company, can help you get on the path to establishing credit.

Lower Mortgage Rates

Oftentimes, the mortgage rates offered by FHA loans and VHA loans are lower compared to conventional loans. The better your credit score, the better your interest rate will be as well.

Lower Closing Cost

Closing costs usually run in the thousands of dollars. The FHA saw a need to reduce the closing costs mortgage lenders can charge you in order to help you buy a home. This is a huge benefit to first-time home buyers and others.

Pineywoods Mortgage is a mortgage broker with locations in Florida that can help you with FHA loans and VHA loans. When you partner with us, we’ll work with you to determine if an FHA loan is the smart move for you. More than 18 years of experience has given us the understanding you need, effectively pairing the right individual with the right loan type. To get started, contact us online or by phone today.
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