FHA Loan
Stockton Mortgage in Duluth helps homeowners secure FHA loans. FHA loans allow you to purchase a home with a 3.5% down payment, or refinance a home up to 96.5% of the home's value. FHA loans are easier to qualify for, and offer several homeowners an easy way to secure financing.
See if you pre-qualify for an FHA loan today!
Streamline FHA
If you have an FHA loan that originated before June 2009, you may qualify for a streamline FHA refinance. This means that you can refinance your current FHA loan with a very simple process. Unlike the standard refi or loan application process, the Streamline FHA makes it easier.
If you are currently over 4.5%, a new FHA program coud save you THOUSANDS!
Here are some benefits of a Streamline FHA Loan:
- Better loan terms
- You do NOT need an appraisal on your home, even if you are upsidedown
- You do NOT need to verify your income or employment
- Your credit score will NOT be pulled
About FHA Loans
FHA loans originate from the Federal Housing Administration and are insured by HUD (US Dept. of Housing) so that lenders can offer more affordable mortgage rates. FHA loans require lower down payments and closing costs. There are even options for financing 100% of the loan, and several grant programs that provide FHA loan customers financing for the down payment.
FHA loans offer options to those who've undergone bankruptcy or foreclosure. They're available to first time homebuyers, refinancers and anyone who's purchasing property and doesn't already have an existing FHA loan. The guidelines for debt ratio and job qualifications are more lenient than a conventional loan.
Refinancing your Mortgage with an FHA Loan
You may refinance your home loan with an FHA loan if you don't currently have an existing FHA loan. Refinancing options include fixed, adjustable (ARM) and buy-down mortgage rates, although most buyers have a fixed-rate FHA loan. Refinancing with an FHA loan is allowable even if you're late on your current mortgage or facing foreclosure.
FHA loan applicants find that FHA loans do not have as strict of income guidelines nor credit history as conventional loans. FHA loans offer competitive rates for those in foreclosure or bankruptcy. There are also options for loan consolidation with FHA loans.
FHA Loan Qualifying
FHA loan requirements are more flexible than conventional loans and provide the easiest application. Below are the requirements for FHA loans:
- Need two years of consistent employment - preferred by the same employer.
- Income over the past two years is the same, or increasing.
- Credit guidelines vary; please ask Stockton Mortgage for details.
- Bankruptcies must be 2 years old; good credit since the bankruptcy
- Foreclosures must be 3 years old; good credit since the foreclosure.
- Mortgage payment of your new home must be around 30% of your gross income.
To see if you pre-qualify for a FHA home loan, contact Sheryl Nolan today at 404-933-9089.
Sheryl took great care of us while we were purchasing our first home. She was always ready and able to answer all of our questions and kept us informed throught the entire process. We are so thankful that we had someone like her in our corner.
Sheryl was so helpful in every way! This was my first time buying a house and I had a million questions! She was so nice, professional and helpful! I would definitely recommend her to anyone!
I had a wonderful experience with Sheryl Nolan. She is great! Very quick the respond to question and always kept me in the loop of what was going on and how things were progressing every step of the way. Would recommend her to anyone and would use her again in the future if I need another home loan.
My real estate agent referred me to Sheryl for a new home loan. Working with Sheryl made the entire loan experience so easy that I was amazed it all happened so fast. Sheryl is VERY detailed oriented and worked tireless to ensure everything was done correctly and so very professionally. I had very little experience in getting a home loan but Sheryl held me hand throughout the entire experience. She got me the best rate and I learned a lot from Sheryl. I would recommend her to everyone as she made my loan an enjoyable experience! She is honest and has a level of integrity that showed through with everything she did for me. Please use her as you won't be sorry!
Where do I begin! Sheryl worked SO HARD on our loan. We were not a normal mortgage and Sheryl took on the challenge and got us into our dream home. She was spot on getting back to my emails and calls right away. She even followed up after normal business hours just to make sure she checked in with me! I had no doubts in Sheryl's ability and will happily recommend her to all my friends and family!
We truly enjoyed having Sheryl as our lender. We could ask her any questions and she was able to answer with a detailed, as well as, simplified response for us to understand...remember we were first time home buyers. She made everything very easy to understand and paperwork easy to access. She was available any time for questions, which is good because both my husband and I work full-time jobs. Needless to say she is the go-to lender. She gives real feedback and advise, overall great lender.
Sheryl was an absolute joy to work with throughout the entire loan process. She was very responsive to all my questions prior to, and after I officially became a client. She is very knowledgeable about home loan products, and was able to recommend the best options for me based on my specific needs. Sheryl is a very effective communicator, and is really good at making complex loan processes/terminology easy to understand. I highly recommend her services!!
Sheryl was a dream to work with. From day 1 she was in our corner fighting to find the right loan situation for us as new home buyers. She was always available to answer the multitude of questions that we had, calm any fears or soothe any anxiety. We were absolutely blessed to have her on our team during the home buying process.
Sheryl was fantastic to work with for buying our new home. She was always available to answer my questions and was a great partner throughout the whole process. I would definitely use Sheryl again for our next house.
Sheryl was Amazing , it took the personal approach in assisting me with my home mortgage. She was very in detail , patient, understanding worked fast to get things done. Very efficient and personable !!! I would highly recommend Sheryl and use her again again In the future!!!! Sheryl was a GOD send