FHA Mortgages Albany, New York

FHA Mortgages

In 1934 Congress created the Federal Housing Administration or FHA which became part of the Department of Housing and Urban Development (HUD). The FHA allows more borrowers to gain access to home loans by reducing the risk to lenders by federally insuring these types of home loans.

What does FHA mean to you?

FHA loans will increasingly become more popular due to the current credit market and will allow individuals with limited income and with little or no down payment to still be able approved for fixed home loans.

FHA Mini Eagle Status

First Rate Funding had earned an FHA Mini Eagle status, this designation by FHA allows First Rate Funding to process loans directly for the lender unlike non-Mini Eagle brokers who have to co-broke the loan indirectly with a third party.

What does FHA Mini Eagle mean for you?

FHA Mini Eagle means that First Rate Funding can offer you lower FHA interest rates, lower fees and better service. Additionally to qualify for FHA Mini Eagle status a broker must show financial solvency and be able to withstand HUD compliance audits which 75% of brokers do not or cannot risk the scrutiny. You can be assured that First Rate Funding is providing honest lending, and that we have the highest standards for our lending practices.

The dream of home ownership is just a phone call away, if you have any question please do not hesitate to contact one of our mortgage specialist by phone at (518) 452-4700 or contact us by email.

What is a FHA Mortgage?

FHA loans are insured by Federal Housing Administration and are offered through a mortgage provider. FHA loans are both fixed and adjustable, offer a number of advantages including a a low down payment option. Applicants also can qualify for higher loan amounts as compared to conventional mortgages and allow borrowers to finance their mortgage insurance premium. Loan limits vary dependent upon state and county locations within the country. Designed for 1-4 unit properties, which must be owner occupied.

You may want an FHA loan if you fit any of these criteria:

  • You have less than 20% down payment
  • You are a first time home buyer
  • You plan to purchase a 1 - 4 family home
  • You need to finance most of your closing costs

Current 2008 FHA limits in Albany, Schenectady, Troy Counties:

  • Single Family: $237,405
  • Duplex: $267,393
  • Tri-plex: $324,870
  • Four-plex: $384,936

Due to the wide variety of mortgage programs available, not all products are listed here. Please call us at (518) 452-4700 or complete our contact form so that we may have the opportunity to serve you better.