Insured by the federal government and ideal for buyers with low to moderate incomes. Low down payment and flexible credit requirements make it easy to qualify. Most closing costs and fees can be included in the loan. These loans allow the borrower to borrow up to 96.5% of the value of the home; the 3.5% down payment requirement can come from a gift or a grant, which makes FHA loans popular among first-time home buyers.
FHA loan benefits include:
- Lower down payment than many conventional programs
- Low-cost mortgage insurance
- Certain closing costs included in the loan
- Flexible credit guidelines make it easier to qualify
- Available for purchases and refinances
- FICOs as low as 500
We offer the following FHA loan programs:
- FHA Standard
- FHA Streamline
- FHA 203 H (Details below)
- FHA 203 K (Details below)
- FHA Manufactured Home
FHA 203H Rehab Financing
We Can Help You Rebuild and Recover
When natural disasters wreak havoc on dreams of home ownership, API Lending is here to help! Our Restoring the Dream mortgage programs are designed specifically to assist borrowers whose homes are destroyed or damaged in federally declared major disaster areas. If you own a home that was destroyed or damaged to such an extent that reconstruction or replacement is necessary, they have options.
We can help you buy a new home.
- Our loan program offers financing of up to 100% of the purchase of a home
- The new property does not have to be in the same area as the home that was destroyed
We can also help with financing to repair damages to an existing home.
- Refinances an existing mortgage and rolls the cost of repairs into a new loan
- The reconstruction financing is available regardless of the age of the property
The Restoring the Dream mortgage programs are FHA-insured loans that feature:
- Flexible guidelines that acknowledge financial hardship because of the disaster
- Alternatives for documenting income and assets, if a family’s paperwork was destroyed
- Credit scores of 580 and above are acceptable.
Cost-Effective Financing for Home Improvements
When borrowers are ready to make home improvements, FHA 203(k) rehab financing could be the answer! An FHA-insured 203(k) mortgage** can be used to improve a home they would like to purchase or as a refinance for their current home.
Eligible Improvements include:
(*Up to $35,000; HUD consultant not required)
- Repair/replacement of
- Roofs, gutters, downspouts
- Existing HVAC systems
- Plumbing and electrical systems
- Minor Renovations that do not involve structural repairs (kitchen/bath remodeling)
- Painting of interior and/or exterior
- Weatherization (insulation, storm windows, etc.)
- Purchase and installation of appliances
- Septic system and/or well repair or replacement
- Accessibility improvements for persons with disabilities
- Lead-based paint stabilization or abatement of lead-based paint hazards
- Repair/replacement/addition of exterior decking, patios, or porches
- Basement finishing and renovation so long as it does not involve structural repairs
- Basement waterproofing
- Window and door replacements
- Exterior wall re-siding
*Including Fees and Contingencies