FHA mortgage loan programs are designed to help people with lower credit scores or less cash available for a down payment become homeowners. The Federal Housing Administration (FHA) insures these loans, which are available through approved lenders. FHA loans typically have lower down payment requirements and more lenient credit score requirements compared to conventional loans, making them a popular choice for first-time homebuyers.
Pros:
1: Lower down payment requirements: FHA loans typically require a down payment of only 3.5% of the purchase price, compared to the 20% required for most conventional loans.
2: Lenient credit score requirements: FHA loans are available to borrowers with lower credit scores, making homeownership more accessible to those who may not qualify for conventional loans.
3: Assumable loans: FHA loans are assumable, which means that if you sell your home, the buyer can take over your loan instead of having to obtain their own financing.
4: More flexible debt-to-income ratios: FHA loans allow for higher debt-to-income ratios compared to conventional loans, making it easier for borrowers to qualify for a mortgage.
5: Streamlined refinancing options: FHA loans offer streamlined refinancing options, which can make it easier and less expensive for borrowers to refinance their mortgage.
Cons:
1: Mortgage insurance premiums: FHA loans require mortgage insurance premiums, which can increase your monthly payments and add to the overall cost of the loan.
2: Lower loan limits: FHA loans have lower loan limits compared to conventional loans, which may limit the amount of money you can borrow.
3: Property restrictions: FHA loans require that the property being purchased meet certain requirements, which may limit your options when it comes to purchasing a home.
4: Longer closing times: FHA loans may take longer to close compared to conventional loans, which can be frustrating for borrowers who are eager to move into their new home.
5: Higher overall costs: While FHA loans may have lower down payment requirements, they may have higher overall costs due to mortgage insurance premiums and other fees.
★★★★★
“Buying a home is incredibly stressful, and for someone without a financial background securing a mortgage is the most confusing part. For some crazy reason we have put ourselves in the buying/selling position multiple times in the past 5 years! Each time we knew we needed to call Dale! He was so knowledgeable and attentive and made us feel comfortable and educated. Everything went smoothly, and he found us the lowest possible interest rate. He made himself available to me via any method of my choice – email, business phone or cell phone, which I greatly appreciated. We couldn’t have asked for a better experience. Time and time again!”
– Carlos & Aubrey R.
★★★★★
“I confidently endorse and recommend working with Dale DeShaw. I have been fortunate to work with Dale three times in the past five years for financing and refinancing properties and not only has it had a positive financial yield but it was a pleasure due to his friendly, stress-reducing, confident behavior and decades of expertise. Dale is the best!”
– Valerie G.
★★★★★
“I have had the great fortune to be able to work with Dale several times over the last 20 years. Dale patiently walked us through our first home purchase, then a refinance when the rates dropped to the purchase of a brand new home. Dale always took the time to explain the process in plain language and a smile. I have recommended Dale to family and friends over the years and have no hesitation in doing so again!”
Thanks Dale,
– Chris H.
★★★★★
“I have been working with Dale for 21 years. He has taken part in the purchase of each of my properties both personally and professionally. He always responds quickly and with concise instructions on what is needed for my next investment. Through highs and lows he has been a loyal friend and business partner and I will continue to refer friends and family to his office.”
– Emily M.
★★★★★
“We were looking at available options for possibly selling or refinancing our home. We initially tried working with our financial institution, but became frustrated at their inflexibility & disorganization. We decided to reach out to Dale because he had helped us and our family so many times before. Dale gave us the best options as well as the pros and cons of every option we contemplated, and was always open to running multiple scenarios for us. He found the perfect financing plan for us. Save yourself the time and the headache and bypass the banks. Go directly to a knowledgeable mortgage broker! We would highly recommend him for any of your home buying/selling needs!”
– Steve & Shanon M.
★★★★★
“Dale has been of great benefit to our VA Home Mortgage planning, saving us time and money. I fully recommend him.”
– Ron M.
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Fairway Mortgage, LLC
NMLS #2767473
Office: (541) 654-8285
Email: bdeshaw@fairwaymortgagellc.com
350 West 5th Avenue
Eugene, OR 97401