FHA Loans

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What is an FHA loan?

FHA loans are insured by the Federal Housing Administration, and can be a great option for people who would normally find it difficult to qualify for a mortgage due to their income level, credit history, or their ability to put down a sufficient amount of down payment. For borrowers with a credit score of 580 or higher, these loans allow a down payment of just 3.5%. For those with a credit score between 500 and 579, a 10% down payment is required.

What are the benefits?

An FHA loan is one of the most attainable home loans on the market. These loans are best for first-time home buyers because of a lower down payments, lower credit score requirements. If you are looking for a new hone, a FHA loan may be just what you need to get your perfect home. 

What is required to receive an FHA loan?

Before applying for an FHA loan, it’s important to know what to expect throughout the process. Once approved for an FHA loan, it is required to have an appraisal. A closing cost may also be required, depending on whether the home seller chooses to cover the closing costs.

Why should you choose Sun West?

Our team offers a 24-hour loan center for future home owners who don’t have time to apply for a loan during regular business hours. We offer quick loan approvals and provide our clients with suitable loan options for their needs and financial situations. Our team members are well-versed in FHA loan rules and requirements and will ensure that you are knowledgeable about our mortgage process prior to committing to a loan.

For any questions about the FHA mortgage loan process or any of our other home loan services, give our team at Sun West a call to speak to a local team member who can answer all of your home loan questions. Contact us today!

Frequently Asked Questions

What does getting a mortgage involve?

First, you will need to submit a mortgage application with us, either in person, by phone, or using our easy-to-use online form, whichever makes you feel more comfortable. One of our licensed loan officers will get in touch with you and discuss your mortgage needs and objectives with you. Next, we will check your credit scores and request you to submit the necessary supporting documents so that we can verify your identity, the source of your income, and your current debt for underwriting purposes. An appraisal will also be performed on your selected property. Once you have submitted all the documents and your loan is approved with no outstanding items, we will then prepare the closing documents so that you can get ready to sign your loan package. After your loan is funded, you are on your way to move into your new home.

No, Sun West does not charge an application fee for you to apply for a mortgage.

Sun West has one of the fastest turnaround times in the industry, and we offer 20 day closings, but every borrower’s situation is different, and due to documentation requirements and varying response times from the borrower, the average time to close a loan may be higher.

A mortgage refinance refers to obtaining a new loan for the purpose of lowering your mortgage payments, converting your existing loan into a more affordable or manageable loan, or getting cash out on available equity on your home. There may be a minimum waiting period from the date you closed your previous mortgage, based on the type of refinance you are applying for. Sun West also recommends that you check with your existing lender regarding any prepayment penalties. There will be fees involved when refinancing your home, although you may have the option of rolling these costs into your new loan.

Most types of mortgages require a minimum amount of down payment, except for VA and USDA programs. You may also be eligible for down payment assistance programs that can help you towards minimum down payment requirement on some of the loan programs. On Conventional Mortgages, your lender will require you to pay a Private Mortgage Insurance (PMI) premium as part of your monthly payments if you put down less than 20% of the purchase price of the property. There are government loan programs available with less stringent down payment requirements as well, such as an FHA loan that will require only a 3.5% down payment, but again, these programs also require mortgage insurance premiums. Finally, keep in mind that the amount of down payment you put down for a house will also affect your Loan-to-Value (LTV) ratio, which could then affect the amount of loan you are able to qualify for, or whether or not you will qualify at all.

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