Northeast Funding Services

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FHA Loan

Buying a home when you have little money saved and a less-than-perfect credit score might seem like a dream, but it’s not. In many cases, a Federal Housing Administration loan can help.

Whether you’re a first-time or a repeat homebuyer, or you need to refinance, an FHA loan is worth exploring.

An FHA loan is a home loan the Federal Housing Administration insures. FHA loans require a smaller a down payment and lower closing costs and allow relaxed lending standards to help homeowners who don’t qualify for a conventional mortgage.

FHA loans allow a down payment of as little as 3.5% on a mortgage. This can make it possible for lower- and middle-income borrowers to buy a house when they don’t qualify for a conventional loan — which has stricter requirements, including a higher credit score and bigger downpayment.

The FHA provides mortgage insurance on loans issued by private lenders, backing them financially in case borrowers default or do not honor the terms and conditions of their mortgages. The premiums on the insurance are paid by the borrower.

FHA-insured loans come with competitive interest rates, smaller down payments and lower closing costs than conventional loans. Another FHA loan perk: A financial gift from a family member, employer or charitable organization can account for up to 100% of your down payment.

However, there’s one downside to FHA loans. Mortgage insurance on a conventional loan can be canceled after your loan is paid down to 80% or more of the appraised value of the home, but FHA mortgage insurance stays for the life of the loan.

The form below will allow us to get a jump start on prequalifying you for a new loan. Please take a moment to complete the information requested below. Once you have completed the form press Send.

Additional information will be required to complete the process. A member of our staff will review the form and contact you shortly.

    Purchase Pre-Qualify

    Keep the dream alive by getting pre-qualified before you start looking for a home.

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    VA Home Loans

    100% Financing may be an option if you're a United States Veteran, Service Member, or not remarried spouse.

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    Refinance / Debt Consolidation

    Using the equity in your home to payoff other bills or needs is a great option.

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    Reverse Mortgages

    Stop fighting to stay afloat. Use the reverse mortgage to give you quality of life and eliminate your mortgage payment and other bills.

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    Recent Posts

    VA home loans for United States veterans offered by Northeast Funding Services

    VA Loans: 10 Things To Know About The 100% Mortgage Program

    VA Home Loans: A Benefit You’ve Earned

    Reverse mortgage loans are provided by Northeast Funding Services

    Reverse Mortgage Counseling

    Reverse mortgage loans are provided by Northeast Funding Services

    Are there different types of reverse mortgages?

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    New York

    125 Wolf Road
    Suite 217
    Albany, NY 12205

    518-782-1855

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    638 E. Point Dr
    Gilbert, SC 29054

    803-239-4848

    Registered Mortgage Broker New York Department of Financial Services, and South Carolina Department of Consumer Affairs NMLS ID#46813. Loans provided through third party providers.

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