FHA Loans: Buying and Refinancing Your Home

FHA loans are government-backed mortgages insured by the Federal Housing Administration. They can help with buying a home (purchase) or lowering your monthly payment (refinance) on an existing mortgage.

​

Buying a home with an FHA loan:

• Easier to qualify for with a lower down payment than conventional loans (typically 3.5%).

• Requires mortgage insurance premiums (MIP) added to your monthly payment.

​

Refinancing your existing mortgage with an FHA loan:

• May lower your interest rate and monthly payment.

• Two main FHA refinance options:

  • Streamline refinance: Faster and easier process for existing FHA loans.

  • Cash-out refinance: Allows you to tap into your home equity and receive cash.

​

Things to remember:

• FHA loans have loan limits depending on your area.

• You'll need to pay closing costs associated with the purchase or refinance.

​

​

Speak to a mortgage professional to see if an FHA loan is right for you!