An FHA loan may be a practical mortgage option for first-time home buyers, those with a modest income, or those with a less than optimal credit rating. Borrowers who qualify for FHA loans can benefit from a lower down payment than those that are typically required for conventional mortgages, usually at 3.5% of the purchase price.
The FHA can also permit the financing of portions of closing costs and allow for refinances without appraisal. Mortgage America can tailor FHA plans to meet the specific needs of each individual borrower, and in some cases, borrowers can even avoid costly monthly private mortgage insurance (PMI) by paying an affordable, one-time mortgage insurance premium.
Mortgage America has been locally owned and operated in the Lehigh Valley for more than 30 years. Talk to one of our Mortgage America Loan Officers today to learn more about the FHA loan program and if it is right for you.