FHA Loan

An FHA (Federal Housing Administration) loan is a loan insured against default by the FHA. In other words, the FHA guarantees that a lender won’t have to write off a loan if the borrower defaults – the FHA will pay.
FHA loans are not for everybody. Nevertheless, they are a great help to some borrowers.
FHA loans allow people to buy a home with a down payment as small as 3.5%. Other loans might not allow such a low down payment.
Who can get an FHA Loan?
Almost anybody can get an FHA loan. There are no income limits. However, there are limits on how much you can borrow. In general, you're limited to median home prices in your area. To find the limits in your region, visit HUD's Website. To qualify for an FHA loan, you'll need to have reasonable debt to income ratios. You don't need perfect credit but you will need to have a credit score of at least 620.
FHA loans offer a few other bells and whistles:
3.5% down payment required on purchase
Easier to use gifts for down payment and closing costs
No prepayment penalty
Financing for home improvement using FHA 203k programs
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Our Happy Clients
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"Doris, you and your staff are incredible and I could never thank you enough for the help you’ve all given me through this process. You, Wendy, and especially Karen have shown me so much patience and understanding in what was a very foreign experience for me. This may sound a bit hokey to you, but I truly believe that you and your staff have been like angels supporting me through a really emotionally difficult time of my life. I’m so excited to move into our new house and even more so to create a wonderful new home for my children. Thank you again for everything!!"
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"Doris, Thank you for your assistance and handling the process so efficiently and making it an enjoyable process. If you ever need a reference or have a customer survey to fill out I would be more than happy to provide you with an excellent recommendation."
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"Good afternoon ladies! I just wanted to drop a note thanking you both for how well you took care of my family and I through our transaction. We usually aren't the easiest people to deal with (at least we can admit it) and you guys were helpful, friendly and committed the entire way. Should I hear about anyone looking for lending services I will certainly be a champion for Cody Financial and give them your contact information. As I was drafting this I received the flowers you sent us. Thank you for those as well. The professionalism and individual attention that you provide make for a very good business plan that will ensure success. Thanks for everything."