From St. Louis to Gladstone, it is possible to access FHA mortgage Missouri on an equal basis. This is because the loan favors all types of applicants irrespective of age, area of residence or profession. You can either apply for the scheme or settle for a refinance plan. The latter lets you to fine-tune the interest margin to a lower rate but you should be using a variable-rate plan to access this product.
FHA Home Loan Group (fhahomeloangroup.com) has a team with long-term experience in offering this program, ensuring that you get all the support you need when either applying as a first-time or second-time borrower or refinancing.
Application Guidelines
- A steady employment record going back to the past 24 months.
- You do not have outstanding debts that can hinder payment of FHA mortgage Missouri.
- You intend to inhabit the home you are financing as a primary residence.
- You have a credit score of at least 620.
On the latter score, trust on our team to facilitate your eligibility even with a score of 580 which some lenders in the program accept.
Refinancing Guidelines
Alternatively, you can seek to refinance your FHA mortgage MO using the Streamline scheme. This option comes with these features:
- You should have an adjustable-rate mortgage that allows you to adjust the interest rate in the course of the amortization.
- You can also lengthen the period during a refinance from 15 years to a permanent plan of 30 years.
The advantage of a refinance on FHA mortgage Missouri is that it exempts you from reappraisal and much paperwork. The monthly mortgage insurance also goes down to 0.55%.
Which Types of Homes Pass Eligibility?
If you are applying for the initial time, you may need to select the type of property carefully to ensure that you avail one that can pass the approval of the Housing Department (HUD). Homes accessible to FHA mortgage MO include:
- Planned developments.
- Condominiums.
- Single to four-unit existing homes.
- Manufactured homes with a design that the government approves.
Depending on the condition you find your property in, you may need the service of a home appraiser and home inspector. The former evaluates the value on behalf of the lender while the latter provides an assessment of its condition or if it needs repairs.
How to Apply for FHA mortgage MO
- 1. Submit your request for the loan.
- 2. Find a lender with amicable terms including a low interest rate.
- 3. Gain approval from the HUD and the lender.
- 4. Settle closing costs, some of which can come from the seller.
In short, you can either apply for FHA mortgage Missouri or refinance an existing one to a lower rate. To assist you in this endeavor is our team specialists that have provided long-term support when seeking to own their first or second home. We have never missed a call and that is why you need to contact us.
Call us today for immediate assistance! [888] 202-4479