FHA Financing

FHA financing is a safe and affordable loan option for many homeowners. 

Contour Mortgage is an approved FHA direct lender. This means you receive the benefits directly, which include:

    • As little as low down payment
    • Lock in a low 30-year fixed-rate.
    • More lenient credit score requirements and explainable credit challenges permitted.
    • No pre-payment penalty.

For more information on FHA loans, see HUD.gov 

What is an FHA Loan?

An FHA loan is a mortgage insured by the Federal Housing Administration (“FHA”), a government agency within the U.S. Department of Housing and Urban Development. These loans are a safe, viable option for building credit in today’s tough real estate market. Your down-payment can be as low as 3.5% of the purchase price, and in many cases your closing costs and fees can be included in the loan. The FHA allows home sellers, builders and lenders to pay some of the borrower’s closing costs, which include appraisal, credit reports and/or title expenses.

Two Mortgage Insurance Premiums are required on all FHA loans. The first is the upfront premium and the second is the annual premium. Contact your mortgage professional to learn more about these premiums and the current annual premiums for your loan amount.

FHA also offers a special loan product designed to finance home repairs and improvements called a 203K. Click To Learn More.

*Contour Mortgage Corporation is an FHA-Approved lender.

Take The First Step and Get Pre-Qualified Today!

Pre-Qualifications are an important step in today's real estate market. They show sellers that you are qualified to buy their home and that your offer should be considered above other, less serious offers.

Did you know you can secure a mortgage by filling out one of our fast and easy online applications?

Once your application is filled out we assign a Loan Processor to verify the financial information on the application and to make sure you have everything you need to proceed.

To learn more about the mortgage process and the other steps to buying a home fill out this form below to download the FREE Guide!
home-buyers-guide

Recent Articles

Pre-Qualification vs. Pre-Approval vs. Commitment Letter
May 25, 2018
Pre-Qualification vs. Pre-Approval vs. Commitment Letter

Buying a home can be competitive, whether it’s a buyer’s or a seller’s market. You may find the perfect property that checks every box off your wish list, but fail to act...

Read More
5 Things to Know About Fannie Mae HomeStyle Loans
May 18, 2018
5 Things to Know About Fannie Mae HomeStyle Loans

The Federal National Mortgage Association, commonly referred to as FNMA or Fannie Mae, offers the HomeStyle® Renovation Mortgage. This loan is specifically designed to help...

Read More
What is the Mortgage Escrow Process?
May 04, 2018
What is the Mortgage Escrow Process?

The term “escrow” is applicable to various industries, but you’re probably most familiar with it in the context of buying a property.

By definition, “escrow” refers to “a...

Read More
Can You Add Renovation Costs to Your Mortgage?
April 04, 2018
Can You Add Renovation Costs to Your Mortgage?

Some home buyers are only interested in move-in ready properties, but others are open to looking at fixer uppers. While it does require more elbow grease, purchasing a home...

Read More