FHA Loans

C2 Certified Reverse Mortgage Specialist

NMLS #242792 | DRE #0118730

C2 Financial Albany CA, Branch NMLS#: 1899037 | DRE #01821925

510.410.7572

FHA-Insured Loans

What is an FHA-Insured Loan?

FHA-Insured Loans offer many benefits and a level of security that you won’t find in other loans. While these loans are funded by C2 Financial Corp., the Federal Housing Administration (FHA) insures these mortgages so C2 Financial Corp. can offer you a better deal. With flexible qualification guidelines, these loans are particularly designed to benefit first-time homebuyers and buyers who don’t have perfect credit or a lot of money to put down.
A few common FHA-Insured Loans are:

FHA 203(b) Home Mortgage Loans for qualified buyers wanting to purchase or refinance a primary residence.

FHA 203(k) Renovation Loans for those wanting to buy a home, fix it up, and include all the costs in one loan, or those wanting to refinance what they owe on their mortgage and add the costs to remodel or repair their existing home.

FHA Energy-Efficient Mortgages for those wanting to make their home more energy-efficient.

What are the benefits of an FHA-Insured Loan?

FHA-Insured Loans offer the following features:

  • Low down payments (as low as 3.5% of the purchase price).
  • Fixed-Rate and Adjustable-Rate Mortgages available.
  • 100% gift funds acceptable for down payment and closing costs.
  • No prepayment penalty.
  • Flexible qualification guidelines.

Who may benefit from an FHA-Insured Loan?

FHA-Insured Loans may be of particular benefit to buyers who:

  • Are buying their first home.
  • Don’t have a lot of money to put down.
  • Don’t have perfect credit and are worried about qualifying for a loan.
  • Want to keep their monthly payments as low as possible and/or are concerned about their monthly payments going up.
  • Want to refinance a high-cost mortgage.
  • Are looking to finance one- to four-unit structures or approved condominiums.

For more information

Contact Lanny Clark today to see if an FHA-Insured Loan is the right solution for you. We take pride in delivering value and savings to homebuyers across the United States. It would be a pleasure to help.

FHA Streamline Refinance

What is an FHA Streamline Refinance?

The two main features of this unique refinancing program are:

  1. You must already be an FHA-insured homeowner to qualify1.
  2. An FHA Streamline Refinance might not require a home appraisal.

Other requirements for an FHA Streamline Refinance include the following:

  • Principal residence: The homeowners must be using the home as their principal residence.
  • A perfect 12-month payment history: No 30-day, 60-day, or 90-day late payments are allowed. Existing loans must be current at the time of closing.
  • A 210-day waiting period between refinances: The FHA requires that borrowers make six mortgage payments on their current FHA-insured loan and that 210 days (about seven months) pass from the most recent closing date in order to be eligible for an FHA Streamline Refinance.
  • “Net tangible benefit”: Applicants must demonstrate that the refinancing has an allowable net tangible benefit, which is generally defined as reducing the [principal + interest + mortgage insurance] component of the mortgage payment by 5% or more. Another allowable net tangible benefit is refinancing from an Adjustable-Rate Mortgage (ARM) to a Fixed-Rate Mortgage. Note that taking cash out to pay bills is not an allowable net tangible benefit.
  • Other requirements and costs may apply.

What are the benefits of an FHA Streamline Refinance?

  • Speed: If you qualify for an FHA Streamline Refinance, it is typically the fastest, simplest way to refinance your mortgage.
  • Rates: An FHA Streamline Refinance is available as a Fixed-Rate Mortgage and ARM. FHA Streamline Refinance rates are as low as those for regular FHA mortgages.
  • 15- or 30-year terms.
  • No prepayment penalty.
  • No income verification required.

Who may benefit from an FHA Streamline Refinance?

Again, only those who are FHA-insured homeowners and who meet the other requirements outlined above are qualified for an FHA Streamline Refinance. Given that verification of income is not required, an FHA Streamline Refinance may be of particular benefit to those with lower incomes; however, the homeowner obviously must be able to pay the refinancing costs and make the monthly payments.

For more information

Contact Lanny Clark today to see if an FHA Streamline Refinance may be right for you. We take pride in delivering value and savings to homeowners across the United States. It would be a pleasure to help.
Visit the “Streamline Your FHA Mortgage” article at the website of the U.S. Department of Housing and Urban Development (HUD).
Visit the Federal Reserve Board’s online publication, A Consumer’s Guide to Mortgage Refinancings, at https://www.federalreserve.gov/pubs/refinancings/default.htm.

1If you currently have a non-FHA loan, you may consider refinancing with an FHA refinance loan, but this will not be an FHA Streamline Refinance. You’ll need to apply with the usual employment verification, credit check, debt ratio requirements, etc. C2 Financial Corp. can help you determine if this may be a beneficial option for you.