Affordable homeownership starts here with FHA loans from Mann Mortgage!
America's most used Affordable Housing program gives you great rates with minimal down payment and flexible credit options.
What are FHA home loans?
If you’re a resident of Fairacres, La Mesa, or Radium Springs and are considering borrowing money for a home purchase, our Las Cruces Office has a solution that might just be perfect for you: FHA Loans. These loans are designed to make homeownership more accessible, particularly for first-time buyers or those with lower credit scores. In this guide, we’ll delve into the world of FHA Loans, providing you with insights into their benefits, limitations, and the loan process as it pertains to our Las Cruces Office.
Not sure where to get started? That's okay too, we're happy to meet you where you're at and direct you to the right place or person.
FHA loans
at a glance.
- FHA Loans are known for their lower down payment requirements, often as low as 3.5% of the purchase price. This makes it more achievable for potential homebuyers to secure their dream homes.
- FHA Loans are accessible to individuals with credit scores as low as 580, offering an opportunity for those who might have faced challenges in securing conventional loans.
- These loans are insured by the Federal Housing Administration (FHA), which mitigates risk for lenders and allows them to offer more favorable terms to borrowers.
- FHA Loans provide borrowers with both fixed-rate and adjustable-rate mortgage options, allowing you to choose the one that suits your financial situation.
- FHA Loans also offer a streamlined refinancing process, making it easier for borrowers to refinance their loans to potentially secure better terms.
Understanding the FHA Loan Process in the Las Cruces Office:
The process of obtaining an FHA Loan from our Las Cruces Office involves several steps:
Begin by getting pre-approved for an FHA Loan. This step involves a credit check and a review of your financial documents to determine the loan amount you qualify for.
Once pre-approved, work with a real estate agent to find a home that fits within your budget and meets FHA requirements.
Make an offer on the chosen property and negotiate terms with the seller. Once your offer is accepted, you’ll move forward with the loan application process.
The Las Cruces Office will review your application, verifying your financial documents and ensuring that the property meets FHA guidelines. This step may take some time.
Once your loan is approved, you’ll proceed to the closing stage, where you’ll sign the necessary paperwork, pay closing costs, and receive the keys to your new home.
Begin by getting pre-approved for an FHA Loan. This step involves a credit check and a review of your financial documents to determine the loan amount you qualify for.
Once pre-approved, work with a real estate agent to find a home that fits within your budget and meets FHA requirements.
Make an offer on the chosen property and negotiate terms with the seller. Once your offer is accepted, you’ll move forward with the loan application process.
The Las Cruces Office will review your application, verifying your financial documents and ensuring that the property meets FHA guidelines. This step may take some time.
Once your loan is approved, you’ll proceed to the closing stage, where you’ll sign the necessary paperwork, pay closing costs, and receive the keys to your new home.
Applying for a home has
never been easier
Our quick and secure process takes less than 10 minutes to apply.
Learn more about
FHA loans
FHA Loans are intended for primary residences, so they cannot be used for second homes or investment properties.
There is no strict income limit, but your debt-to-income ratio should be within acceptable limits.
For loans with a term longer than 15 years, FHA mortgage insurance can be canceled when the loan-to-value ratio reaches 78%.
Generally, you can qualify for an FHA Loan after a certain waiting period following bankruptcy or foreclosure, provided you meet other requirements.
Yes, FHA Loans are assumable, which means a qualified buyer can take over your FHA Loan with lender approval.
FHA Loans offered by our Las Cruces Office can be a viable path to homeownership for those in Fairacres, La Mesa, Radium Springs, and surrounding areas. By understanding the benefits, limitations, and loan process, you’ll be better equipped to make informed decisions about your homebuying journey.
FHA Loans offered by our Las Cruces Office can be a viable path to homeownership for those in Fairacres, La Mesa, Radium Springs, and surrounding areas. By understanding the benefits, limitations, and loan process, you’ll be better equipped to make informed decisions about your homebuying journey.
“Our loan officer was very helpful and kept us in the loop with updates on everything. As a first-time buyer it was an amazing experience to have a team of people that were truly trying to help me and my family get a home.”
Kassandra H.
Let's get you home.
Flexible requirements, low credit score qualifying, & as little as 3% down. Our local loan experts will help guide you.
