An FHA loan is geared towards first-time home buyers. FHA loans offer lower down payments and are easier to qualify for than other loan programs. There are several FHA loan options available:

FHA Loan Options

Fixed Rate FHA Loans: With a fixed rate loan, your rate stays the same, regardless of market conditions. Fixed Rate loans remain popular because they maintain the same interest rates throughout the lifetime of the loan. Generally a fixed rate is better for borrowers who intend to live in the home for a longer period of time. Here are your FHA fixed rate options:

• 15 Year Fixed Rate: A 15 year fixed FHA loan comes with a lower interest rate than a 30 year fixed rate. You will save thousands of dollars with the 15 year option because the interest you pay on your loan will be significantly less than if you were to finance with a 30 year term.
• 30 Year Fixed Rate: A 30 year fixed rate FHA loan offers a significantly lower monthly payments than a 15 year fixed because the principal is spread throughout a longer period of time.

FHA Streamline: FHA Streamline one of the smoothest and quickest ways to refinance an FHA mortgage today. The FHA Streamline was designed for homeowners who currently have an FHA loan and want to lower their rate and payment. The best part of this program is there is no appraisal required and there is less documentation required to qualify. Learn More

Our FHA loan experts can help you determine which options works best for you. Call 855-SHORE-55 or get started online now!