FHA LOAN SERVICES

It is a fact: FHA loans have been helping borrowers like you become homeowners who achieve the American dream since 1934. Operating under the umbrella of the Housing and Urban Development (HUD), the Federal Housing Administration (FHA) insures the loan, so your lender can offer you a better deal.

FHA LOANS

An FHA loan is a mortgage loan insured by the Federal Housing Administration (FHA). Lenders like Thrive Mortgage work with FHA to help would-be first-time home-buyers buy a home with an affordable loan with a low down payment.

Would-be homeowners looking to enter the purchase game for the first time in their lives are perfect candidates for the FHA loan. You can buy your first home with a low down payment—as little as 3.5% of the purchase price. Most of your closing costs and fees can be included in the loan.

WHEN A FHA LOAN MAKES SENSE TO YOU

If you have been challenged by economic events that rattled your core and have begun to rebuild your creditworthiness, you may be ready for another shot at home ownership through an FHA loan. This is also possible if they get a conventional loan. You don’t need to be a 1st time home buyer.

  • If you are a first-time home buyer looking at financing your first step toward achieving the American dream, home ownership is possible with an FHA loan.

  • If buying a ‘fixer-upper’ is just your speed, the FHA has a home loan called the 203K Renovation Loan that allows you to buy your ‘diamond in the rough’, fix it up, and include all the costs in one loan.

  • If you own a home in need of remodeling or repair, you can refinance what you owe and build in the repair costs into one neat FHA 203K Renovation loan.

  • If you are interested in purchasing a manufactured or factory-built home, FHA offers financing for this as well. *subject to the house not being more than twice removed and FHA HUD tag required

Thrive Mortgage can explain different types of FHA loans and explain how they work, then help you secure the funding that fit your unique needs. At Thrive Mortgage, you get one mortgage originator, one lender relationship, because we don’t believe you should have to re-explain your situation with every conversation.

2024 FHA National Loan Limits

one-unit: $498,257

two-unit: $637,950

three-unit: $771,125

four-unit: $958,350

*All loans are subject to underwriting or investor approval. Other restrictions may apply. This is not an offer of credit or a commitment to lend. Guidelines subject to change.

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