FHA Home Loans
Why wait for a large down payment or perfect credit to move into your perfect home? Make it happen today with an FHA Home Loan
Take Advantage of All the Benefits of an FHA Home Loan
Low Down Payment
Secure a home with a down payment of just 3.5% of the purchase price.
Qualify with Imperfect Credit
Because the FHA insures your loan, lenders may accept lower credit scores.
Reduced Closing Costs
Roll some closing costs into your FHA Loan to cut down on upfront fees.
Competitive Interest Rates
Your lender can offer you a great deal because the FHA has got your back.
All You Need to Know About FHA Home Loans
A Federal Housing Administration (FHA) Loan comes under the umbrella of the U.S. Department of Housing and Urban Development (HUD).
These organizations want every American to be able to own their own home.
To make this dream possible, the FHA provides insurance so lenders can offer home loans to people who have lower-than-average credit scores.
Aside from this unique benefit, your FHA Home Loan is like any other mortgage. It’s the ticket to your dream home!
Why People Like You Choose NextMark CU
“Highly recommend!! NextMark has provided EXCELLENT service to my husband and I. We are so pleased!”— Kelly H., Fairfax, Virginia
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FAQs About FHA Home Loans
FHA Loans are insured by the federal government so a private lender is taking less risk when they provide loans to people with lower credit scores. This is also true of Veteran Affairs (VA) Loans.
Private lenders include your local credit union and other financial institutions. Most lenders offer FHA Loans and Veteran Affairs Loans, but it’s a good idea to check as some lenders may offer only the standard type of mortgage known as a Conventional Loan.
With a Conventional Loan, your lender is taking on all the risk in case you can’t pay. For this reason, most conventional loans will require a certain credit score to qualify.
If you get a Conventional Loan, you can usually choose if you want fixed-rate or adjustable-rate interest, choose your term, and choose whether or not to get a home inspection. Your lender may or may not ask you to get your home appraised to check that the purchase price matches the market valuation.
With an FHA or VA loan, there’s a checklist of appraisal requirements that your house must meet in order for you to be approved for the loan.
Your FHA home loan comes with a term of 15 or 30 years. An extended term means lower monthly payments so you can easily manage your budget.
Yes, it does. The benefit of a fixed-rate mortgage is that you’ll pay the same interest rate throughout the life of your loan, so you’ll always know what you owe each month. Your rates won’t be left vulnerable to changes in the market.
Keep in mind that If market rates fall below your fixed rate in the future and your credit score has improved, you may be able to do a home loan refinance and get a lower rate.
To make your payment the same from month to month, the interest you pay is spread out equally over your term. This means that in the beginning of your term, you’ll pay more toward interest and less toward principal. Later in your term, you’ll pay less toward interest and more towards the principal.
Paying your mortgage is as easy as paying any other bill! Set up automatic payments from your checking account or use a convenient online portal to make payments before the due date.
More Great Loan Options from NextMark CU
Home Loan Refinancing
A refinance is like getting a whole new mortgage. You might get a lower monthly payment through a lower interest rate. You can also change the term, or tap into equity.
Home Equity Loan
Your equity is the market value of your home minus your mortgage balance. Use that cash for renovations, college tuition, a dream vacation, or any other purpose.
Borrow up to $30,000 for any purpose, or get a small loan and use it to build your credit so you can secure financing for the big things in life. Terms of up to 60 months to suit any budget.