FHA Loan Program
FHA have been helping people become homeowners since 1934. Some benefits of FHA loans are:
- Lown down payments
- Low Closing Costs
- Easy credit qualifying
If you are considering obtaining your first home; FHA might be just what you need. Your down payment can be as low as 3.5% of the purchase price, and most of your closing costs and fees can be included in the loan. Available on 1-4 unit properties.
Want a Fixer Upper?
FHA has a loan that allows you to buy a home, fix it up, and include all the costs in one loan. Or, if you own a home that you want to re-model or repair, you can refinance what you owe and add the cost of repairs – all in one loan.
Financial help for seniors
Are you 62 or older? Do you live in your home? Do you own it outright or have a low loan balance? If you can answer “yes” to all of these questions, then the FHA Reverse Mortgage might be right for you. It lets you convert a portion of your equity into cash.
How about manufactured housing and mobile homes?
Yes, FHA has financing for mobile homes and factory-built housing. There are two loan products – one for those who own the land that the home is on and another for mobile homes that are – or will be – located in mobile home parks.
FHA Streamline Financing
We have been doing streamline refinances since their inception. We have refined the process in order to maximize the benefit to you. There are several distinct advantages that OFS can offer you.
- The loan being refinanced must be an FHA
- The borrower’s Principal and Interest payment (P&I) must be reduced
- All loan being refinanced must be current
- No 30-day mortgage late payments in the prior 12 months are permitted
- All borrowers must be employed or retired