• Call Now
    To Qualify
  • (844) 824-1735

FHA Loans

About FHA Home Loans

The Federal Housing Administration (FHA) Home Loan is one of the most popular choices among home buyers. In 2016 alone, over 890,000 homes (nearly 20% of homes purchased) were financed through the FHA mortgage program, accounting for $172 Billion in home loans.*

The popularity of the FHA Home Loan is due to its affordability, requiring one of the smallest down payments, and its accessibility due to the programs more relaxed underwriting criteria. Be sure to check out our FHA Grant Program and learn how you can further reduce your down payment when choosing an FHA Home Loan.

 

FHA HOME LOAN BENEFITS

LOW DOWN PAYMENT

Low Down Payment
One of the biggest home buying hurdles is down payment. Prior to Congress creating the Federal Housing Administration in 1934, prospective homeowners needed 50% down to finance a home…

FHA changed the landscape of American home financing, making homeownership affordable for the masses. Since its inception, FHA has helped over 47 Million households achieve homeownership. Today, purchasing a home with FHA requires just 3.5% down.

LOW INTEREST RATES

Low Interest Rate
FHA Home Loans offer some of the lowest interest rates among all mortgage programs, often even lower than large down payment conventional loans.

How? FHA is actually an insurance program. Approved lenders, like Forward Lending Solutions by Leaders Credit Union, provide FHA home loans to consumers and FHA insures those loans against default. The result is lenders are exposed to less risk, and accordingly can offer lower interest rates to consumers.

The Qualification Process Is

Just Call us at (844) 824-1735

FHA DOWN PAYMENT GRANT PROGRAM

As a not-for-profit home lender, Forward Lending Solutions is proud to offer solutions to the most common homeownership challenge – Down Payment. While we offer NO DOWN PAYMENT home loan options such as USDA and VA home loans, if FHA is the right home financing fit for you we have a FHA down payment grant to help minimize expense.

Our FHA Down Payment Grant Program offers prospective homeowners a completely forgivable 2% down payment grant toward purchase of their home. Unlike many down payment assistance programs, our unique grant is NOT a second mortgage and there are NO repayment or resale restrictions. If you sell or refinance your home at any time you will not have to repay the grant funds.

Learn more today about our FHA down payment grant program, and the many ways to qualify.

REASONABLE UNDERWRITING

Reasonable Underwriting
One of the primary goals of the FHA Home Loan is to make homeownership accessible. One of the ways this goal is accomplished is through underwriting criteria that is more relaxed than some other mortgage financing programs.

Along with a lower credit score minimum requirement for home financing, FHA Home Loans also allow a higher debt-to-income (DTI) ratio than most home mortgage programs. This higher DTI limit provides more purchase power to consumers.

COST SOLUTIONS

Cost Solutions
Purchasing a home cost money – it’s a reality. Fortunately, beyond a low down payment, FHA Home Loans offer ways to minimize costs if not eliminate them all together.

FHA allows gifts to be applied toward down payment and/or closing costs.

FHA allows sellers to pay toward homebuyers’ closing cost, up to 6% of the home price. Negotiating “seller concessions” is common and may cover all closing costs.

* https://www.hud.gov/sites/dfiles/Housing/documents/FHA_SF_MarketShare_2017Q3.pdf

Leaders Credit Union is an
Equal Housing Lender

Forward Lending Solutions
c/o Leaders Credit Union
P.O. Box 10008
Jackson, TN 38308

(844) 824-1735
info@forwardlcu.com

© 2019 Leaders Credit Union
ABA Routing 284383886