An FHA loan is a mortgage that is insured by the Federal Housing Administration (FHA). The FHA program was created in response to the increase in foreclosures and defaults during the 1930s. The FHA program provides approved mortgage lenders with adequate insurance and helps stimulate the housing market by making loans accessible and affordable for people with less than perfect credit or lower down payments. The federal government reduces risk to the lender in the event a borrower defaults on their mortgage payments.
FHA loans are very popular today especially for first-time homebuyers because the requirements are less strict than conventional mortgages. Approved applicants can borrow as much as 96.5% financing with the FHA loan program.
Note: Florida residents that are employed full-time by any Florida-based company now have a way to obtain 100% FHA financing thanks to the Hometown Heroes Program. This program is reserved just for first-time buyers in Florida, please read more about the Hometown Heroes Loan Program here.
Coast2Coast is here to educate you
Regardless of your mortgage knowledge, Coast2Coast Lending will be more than happy to assist you. We take the time to answer all your questions and educate you on the advantages of first-time home buyers, 100% Financing, No Money Down, Plus Closing Costs programs. If you are looking for information on government loan programs, you have found the right place. Buyers can read more about FHA Loan Benefits here.
Questions about qualifying or applying for a loan?
We have loan specialists standing by 7 days a week to help you, please submit the Quick Request Form (top of your page) to expedite your request quickly or call ph: 904-810-2293.
FHA Home Purchase Options
FHA offers many different programs for home purchases. The basic FHA loan is available to all eligible homebuyers, not just first-time buyers. The program requires only 3.5% down payment (*Disclosures) for approved single-family homes, townhomes, and condos. We also offer the FHA 203K renovation program for home buyers that want to purchase a property that needs repairs. Homebuyers can purchase a home and roll in the cost of needed repairs like roofing, HVAC, plumbing, electrical, etc.
FHA Refinance Options
Already have an FHA mortgage and want to learn about refinancing options? If you want to learn more about the FHA streamline and cash-out refinance programs, please fill out the Quick Contact form at the top of your page. Interest rates are low in 2023, and the FHA streamline refinance program could make it possible to drastically lower your monthly mortgage payments.
Benefits of an FHA Home Mortgage?
✔ Lower credit requirements, income verification, employee verification, and underwriting fees
✔ Very little paperwork
✔ Easily increase or decrease the length of the term of your existing loan
✔ *Low fixed interest rates. *Disclosures
✔ Free 24 Hour Approval
Benefits of FHA Loans: Low down payments and less strict credit score requirements. Please note the program does require a min 600 credit score for the max 96.5% financing. Typically an FHA loan is one of the easiest types of mortgage loans to get because it requires a low down payment and has forgiving credit requirements. For FHA loans, a small down payment is all that’s required. In addition, the home buyer’s down payment can be gifted to them by family or eligible down payment assistance programs.
More: Less than perfect credit? Learn how to fix your credit in these 7 easy steps.
Anyone who cannot afford a 20 percent down payment, has a lower credit score, or cannot get approval for conventional private mortgage insurance should look into an FHA loan. Have questions? Just call us or submit the Quick Request form on this page.