FHA Mortgage Loans at NOLA Lending Group

Your Path to Homeownership Starts Here 

An FHA loan is a mortgage loan insured by the Federal Housing Administration, a government-backed program created to boost homeownership across the United States. With FHA loans, borrowers benefit from low down payment requirements, flexible credit requirements, assumable mortgages, and co-applicants are allowed. These features make FHA loans a great alternative to conventional home loans, especially for buyers seeking affordable and accessible options. 

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Federal Housing Administration (FHA) 203(b) Program

Federal Housing Administration (FHA) 203(b) Program

A Federal Housing Administration (FHA) 203(b) loan is a mortgage that is insured by the Federal Housing Administration, a government agency within the U.S. Department of Housing and Urban Development (HUD). 

Ideal for: Lower- and moderate-income borrowers who might not qualify for conventional mortgages due to lower credit scores or smaller down payments (down payment assistance available for eligible borrowers).

Federal Housing Administration (FHA) 203(h) Program

Federal Housing Administration (FHA) 203(h) Program

A Federal Housing Administration (FHA) 203(h) loan is a government-backed mortgage program designed to help people affected by disasters in Presidentially Declared Major Disaster Areas (PDMDA). It provides disaster victims with financing to purchase homes with more flexible terms compared to conventional loans.

Eligibility: The previous residence (owned or rented) must have been located in a PDMDA and destroyed or damaged to such an extent that reconstruction or replacement is necessary. A list of the specified affected counties and cities and corresponding disaster declarations is provided by the Federal Emergency Management Agency (FEMA).

Why FHA Loans Are Great for First-Time Home Buyers 

For first-time home buyers, FHA loans provide a practical and affordable way to enter the housing market. The combination of lower credit requirements, smaller down payments, and competitive interest rates allows many buyers to achieve their goals sooner. 

FHA-insured mortgages offer many benefits and protections that only come with FHA: 

• Easier to Qualify: FHA insures loans. In the event of foreclosure, the lender is protected by FHA’s mortgage insurance, and as a result, the lender is able to offer more flexible terms that make it easier for borrowers to qualify.
• Less than Perfect Credit: FHA offers loans to borrowers with limited to no credit, and with less than perfect credit history. FHA loans offer more flexible underwriting requirements and leniency to borrowers with past credit issues.
• Low Down Payment: FHA loans have a low down payment option and that money can come from a family member, employer, or charitable organization as a gift. Other loan programs don't allow this.
• Interest Rates and Loan Terms: FHA loans have competitive interest rates because the Federal government insures the loans. FHA does not set the interest rates on the mortgages it insures.  For the best interest rate and terms on a mortgage, you should compare mortgages from several different lenders.
• Helps You Keep Your Home: The FHA has been around since 1934 and will continue to be here to protect you.  Should you encounter hard times after buying your home, FHA has many options to help keep you in your home and avoid foreclosure.

Compared to a conventional home loan, FHA loans offer more flexibility and fewer upfront costs, making them a preferred option for buyers navigating their first purchase. 

How Can FHA Help Me Buy A Home

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*The services and products advertised are not approved or endorsed by HUD, USDA, the Department of Veterans Affairs, or any government agency.

LENDING IN ALL STATES EXCEPT: KANSAS, MARYLAND, NEW JERSEY, AND NEW YORK

Information stated above is subject to change without notice. All applications are subject to underwriting guidelines and approval. This does not constitute an offer to lend or offer an extension of credit. All loans are subject to credit approval. Not all applicants will qualify for all products offered. All loan programs, terms and interest rates are subject to change without notice and may only be available in select markets.