FHA Home Mortgage Loans

What is an FHA Mortgage?

Administered by the Federal Housing Administration, FHA mortgages are federally-insured home loans that offer lower down payments and closing costs than conventional mortgages. Because FHA loans are backed by the government, buyers with lower credit scores who would not qualify for conventional mortgages may be able to get an FHA loan. You can use an FHA loan to buy a home or refinance an existing mortgage.

Who can qualify for an FHA loan?

The FHA home loan program was created with the goal of increasing home ownership nationwide. For this reason, almost anyone can apply for an FHA mortgage, and it’s typically easier to be approved for an FHA loan than a conventional mortgage. You can use an FHA loan to buy a single family or multi-unit property as long as the home is your primary residence.

There are home standards required with an FHA loan, so the house may need repairs before the mortgage can be approved.

Are FHA loans only for first-time home buyers?

The numerous benefits of FHA home mortgages make them a popular choice for first-time homebuyers, but, whether it’s your first (or fifth) home, many homebuyers are eligible. You’ll take advantage of a lower down payment, lower closing costs, flexible credit requirements, and the option to use a gift for the entirety of the down payment.

FHA Home Loans vs. VA Loans

If you’re looking for a home mortgage in North and Central PA, you may be wondering which option is best for you. Unlike VA loans, FHA loans have no stipulations regarding military experience or rural location of the home.

How to get an FHA Home Loan

Applying for an FHA mortgage is very similar to the conventional application process. JVB’s experienced, local mortgage officers will guide you through the FHA application. We proudly serve our neighbors in Centre County, Franklin County, Juniata County, McKean County, Mifflin County, Perry County, and Potter County. 

Contact us to learn more about FHA home loans!

Is an FHA loan the best option for your home purchase or mortgage refinance? Our Pennsylvania-based mortgage loan officers can help you determine your eligibility and explore all of your mortgage options. JVB is a trusted local mortgage lender with a long history in your Central PA community. Whether in person or online, the mortgage team at JVB is ready to answer your questions about FHA mortgage loans and the application process. Visit a JVB community office near you or get started online today. We look forward to hearing from you!