FHA Loans

Fairway makes FHA loans EASY

An FHA loan is a mortgage that is insured by the Federal Housing Administration, which is part of 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. This FHA insurance allows lenders such as Fairway to provide home loans with down payments as low as 3.5% of the purchase price. FHA loans are also very useful to refinance and consolidate debts into a low, fixed-rate loan.

The Charlotte-area specialist in FHA mortgage loans

Fairway Independent Mortgage of the Carolinas is a Charlotte-area specialist in FHA mortgage loans, especially for first-time homebuyers or those without a 20% down payment. For those with a lower credit score or credit issues, our underwriters can explain some variances in payment and put your loan on the road to success. Even in the case of filing bankruptcy, a borrower may obtain an FHA loan after two or more years of re-establishing good credit. Our Charlotte-area 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.

 

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The maximum loan limit for an FHA loan is now $271,050 for all the counties in the Charlotte MSA. In Mecklenberg, Cabarrus and Union counties, the FHA loan limits have been reduced to $271,050 for 2014 (down from $303,750 in 2013). While Fairway is well known for our Charlotte FHA mortgage programs, we offer FHA mortgage loans throughout North and South Carolina, as well as Conventional, VA, and Jumbo Home Loans.

The benefits of FHA financing include:

  • Only a 3.5% down payment is required
  • A family member can make a gift to the homebuyer for the down payment
  • The home seller can pay all of the closing costs when an FHA loan is used
  • Lower monthly mortgage insurance premiums than convention PMI
  • More flexible underwriting criteria than conventional loans
  • No interest rate penalties for lower credit scores
  • Closing costs can be financed when refinancing a loan
  • Loans are assumable

More Information About FHA Loans