FHA

 

 

Ultra Mortgage is pleased to announce that we offer FHA Mortgage Loans.

 

FHA Mortgage Programs are in the process of making a resurgence in a big way.  In fact, 2008 & 2009 will likely go down as a very big year for FHA loans.  There are many different reasons for this which we will cover in a future FHA topic article, however let it be stated that FHA Programs offer many unique benefits not readily found with other mortgage programs.  

 

Benefits such as minimal down payments, credit leniency, and no reserve requirements are all helpful to many borrowers trying to acquire new home financing or refinance an existing mortgage loan.  In addition, rural and manufactured homes are okay when it comes to FHA financing guidelines which means that buyers that were previously unable to get assistance will be able to do so in numbers.  Couple those benefits with the fact that all funds required for closing may be gifted on a purchase loan, and that FHA guidelines are not driven by credit score, and you have an extremely helpful financing option for many families that are currently underserved. 

 

Another important thing to keep in mind is that mortgage insurance (MIP) is financed into the loan, essentially becoming "tax advantaged" for the borrower.  This in turn allows for a slightly larger potential tax writeoff at the end of each year.

 

FHA mortgage loans are utilized for purchase loans, rate and term refi's, and cash out refinance transactions.  In addition, HUD is planning on rolling out several new updates and mortgage programs to their current lineup of offerings.

 

Please give us a call today to find out more.