FHA Mortgages
 

Shopping for a mortgage loan? We will be glad to help! Call us at 603-893-6616. Ready to get started? Apply Now.

An FHA loan is insured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD). The FHA does not loan money to borrowers, rather, it provides lenders protection through mortgage insurance (MIP) in case the borrower defaults on his or her loan obligations. Available to all buyers, FHA loan programs are designed to help creditworthy low-income and moderate-income families who do not meet requirements for conventional loans.

FHA loan programs are particularly beneficial to those buyers with less available cash. The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans.

Some of the other benefits of FHA financing:

  • Only a 3.5 percent down payment is required.
  • Some closing costs can be financed.
  • Lower monthly mortgage insurance premiums.
  • More flexible underwriting criteria than conventional loans.
  • Loans are assumable to qualified buyers.
  • Multi family homes are eligible.

 

Got a Question?

Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.

Your Information
Your Question

Omni Mortgage Company, Inc.
NMLS#: 1954

Michael Loffredo NMLS 12192

224 Main Street Suite 1A
Salem, NH 03079-3187