FHA Financing to 620 Credit Score

Thanks to the Federal Housing Administration and FHA Loans, many middle class citizens, military veterans, lower income individuals, and the elderly have been able to enjoy the benefits of homeownership. FHA loans provide an opportunity for those people who have not been able to save money for a large down payment to still purchase a home without having to absorb higher interest rates. These loans are also ideal for people who have had credit issues in the past but are on the right track toward improving their credit history.  If you are in the market for an FHA purchase loan or an FHA streamlined refinance or FHA cash-out refinance, CFS Mortgage can help.

Request FHA mortgage loan rates and programs (3 options)

1. Call at 602-790-0210
2. Complete the CFS Mortgage Quote Form
3. Apply using our Secure Online Mortgage Application

FHA Loan Benefits (subject to change)

• Both fixed rate and adjustable rate mortgages are available
• Up to 96.5% financing available for qualified borrowers (3.5% down)
• 100% of closing costs may be a gift from a relative, non-profit or a government agency
• Mortgage insurance is typically one half of what it would be with a conventional loan. This insurance usually drops after five years or when the loan balance reaches approximately 78% of the value of the property
• Looking to refinance an FHA loan? Then, you may want consider a standard FHA refinance or an FHA Streamlined Refinance. FHA streamlined refinances help lower third party costs and reduce the amount of paperwork needed for refinance transactions. With a Streamlined Refinance, there is typically no need for an appraisal, income verification, or credit checks. To qualify, you must already have an FHA loan that is in good standing and the FHA Streamlined Refinance must lower your monthly payment. You can do a cash-out refinance with a standard FHA loan but you cannot take cash-out with an FHA Streamlined Refinance. Ask your CFS Loan Advisor to see which FHA mortgage product best suits your needs.

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