FHA loan program in Rhode Island offers borrowers many benefits. As of January 1, 2009, FHA loans require a 3.5 percent down payment. You can receive the down payment as a gift to you from family members or obtain it from other sources such as down payment assistance programs. In addition, the credit and income guidelines are more relaxed on an FHA loan. The program also limits the amount of closing costs you are required to pay.
The Federal Housing Administration, generally known as "FHA", provides mortgage insurance on loans made by FHA-approved lenders throughout the United States and its territories. FHA insures mortgages on single family and multifamily homes including manufactured homes and hospitals. It is the largest insurer of mortgages in the world, insuring over 34 million properties since its inception in 1934. FHA mortgage insurance provides lenders with protection against losses as the result of homeowners defaulting on their mortgage loans. The lenders bear less risk because FHA will pay a claim to the lender in the event of a homeowner's default. Loans must meet certain requirements established by FHA to qualify for insurance.
FHA Loans have more flexible credit requirements. FHA Loans aren't completely driven by a borrowers credit score, though they will usually need at least a 620 middle FICO score to get approved through most lenders. While FHA mortgage guidelines are more flexible than other home loan programs, there are still basic requirements that must be met.
If you have had a bankruptcy FHA underwriting guidelines state that if you have been discharged from a Chapter 7 bankruptcy for two years or more, you are eligible to apply for an FHA mortgage. If you are currently in a Chapter 13 bankruptcy that has not been discharged and you've made all of your court approved payments on time for at least a year, you may be able to get an approval.
We serve these and other areas in New England:
- FHA Loan RI - Rhode Island
- FHA Loan Providence, RI
- FHA Loan Jamestown, RI
- FHA Loan East Greenwich, RI
- FHA Loan Barrington, RI
- FHA Loan Little Compton, RI
- FHA Loan New Shoreham, RI
- FHA Loan Cumberland, RI
- FHA Loan Narragansett, RI
- FHA Loan Portsmouth, RI
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About Family Financial Group
Family Financial Group, Inc. is a family owned and operated business. We have over 35 years of experience in residential and commercial lending, mortgage banking, and financial advising. With competitive rates and programs, you are our first priority.
You see... at FFG, we treat our clients like family.