FHA Loans

Are you looking to buy your first home and you are not sure how to proceed with mortgage? Pinnacle advisors are here to help you with the various

A Federal Housing Administration (FHA) loan is a mortgage that is insured by the agency (FHA). In essence, the federal government guarantees loans made by FHA-approved lenders to decrease their risk of losing money if a borrower defaults on their payments.

The FHA program was established in reaction to a wave of foreclosures and defaults in the 1930s, with the goal of providing enough insurance to mortgage lenders and stimulating the housing market by making loans more accessible and inexpensive.

At Pinnacle Mortgage, our experts will make FHA loan process easier with help of several tools and their expertise.
Our experts will help you to choose the best loan option according to your requirement. we help both first time home buyer or seasoned investor.

FHA Requirements

1

Flexible FICO credit score requirements (starting at 580)

2

Minimum down payments of only 3.5%

3

No previous homeownership in the last 3 years

4

The home must be your primary residence for 12 months

FHA Loan Benefits

1

No minimum income requirements

2

Funding available for home repair or improvements (FHA 203k loans)

3

No prepayment penalties

4

Gift funds allowed for the down payment

5

Options for seller-paid closing costs

6

Fixed- and adjustable-interest rate options available

FHA Loan Limits

When obtaining an FHA loan, homebuyers are only authorized to borrow up to a particular amount.

In the United States, each county or MSA (metropolitan statistical area) has its own FHA loan limit. Two, three, and four-unit properties have restrictions that are successfully higher than one-unit properties.

Most areas’ one-unit FHA loan limit is set at $356,262. The highest limits reach into the low $800,000’s. These limits are subject to change. Check your area’s FHA loan limit on the US Department of Housing and Urban Development website.

Most areas’ one-unit FHA loan limit is set at $356,262. The highest limits reach into the low $800,000’s. These limits are subject to change. Check your area’s FHA loan limit on the US Department of Housing and Urban Development website.

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