Are you an aspiring home owner? The Red Mountain Mortgage team has been proudly serving the Tri-Cities community and Washington State for over 20 years and we are your local Mortgage Broker experts. Our FHA loan program is a superb program for individuals seeking low down payment options, higher debt to income qualifying ratios, and more flexible requirements and guidelines. In fact, FHA loans are specifically designed for borrowers who are unable to make large down payments and/or who may have less than perfect credit. The Federal Housing Administration (FHA) provides mortgage insurance on loans made by FHA approved lenders like us. FHA insures these loans on single family and multi-family homes in the United States and its territories. It is the largest insurer of residential mortgages in the world.
Buying a home can be stressful and navigating the world of mortgage loans can make an already complex process even more complicated. If you are considering applying for a FHA home loan, you should know that:
Qualifying for a FHA loan is simple
FHA Loans are government insured loans offering competitive interest rates and Private Mortgage Insurance (PMI)
Down payments as low as 3.5%
Subject to loan limits by county (Currently single family home loan limit is $420,680 for Benton & Franklin Counties)