Oak Hill Mortgage, LLC offers a variety of FHA loan options:
- FHA 203(b): Standard residential mortgage
- FHA 203(k): Renovation residential mortgage
- FHA HECM: Reverse mortgage for seniors
******FICO SCORES AS LOW AS 500!!!
When considering an FHA loan, below are some of the positives and negatives associated with them:
PROS:
- Low FICO scores allowed
- Lower mortgage rates than conventional loans, and typically better rate pricing than VA or USDA loans as well
- Minimal down payment requirements (3.5%)
- Loan amount as high as $636,150 (based on published loan limits per location)
- Available to anyone without location, maximum income, or affiliation restrictions
CONS:
- Upfront mortgage insurance
- Annual mortgage insurance (paid monthly)
- Annual mortgage insurance is either paid for 11 years (10% or more down payment) or the entire mortgage term
- Unlike a conventional loan, mortgage insurance will not end based on reaching a set loan to value percentage.
Oak Hill Mortgage, LLC can provide you further details and help you decide the right loan program to meet your goals.