FHA Loans

Federal Housing Administration (FHA) loans are a popular option for home buyers, particularly first-time buyers, who may not have a large down payment or a high credit score. FHA loans are insured by the government, which means lenders are more willing to offer these loans to borrowers who may not qualify for a conventional mortgage.

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FHA loans typically require a down payment of just 3.5% of the purchase price, making it easier for buyers to get into a home. In addition, FHA loans have more flexible credit requirements than conventional loans, allowing borrowers with less-than-perfect credit to still qualify. These factors make FHA loans an attractive option for many home buyers looking to achieve their dream of homeownership.

Some Key FHA Characteristics

1) Low down payment requirement of just 3.5% of the purchase price

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2) More flexible credit requirements compared to conventional loans

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3) FHA loans are backed by the government, which makes lenders more willing to approve borrowers who may not qualify for a conventional mortgage

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4) FHA loans have fixed interest rates, which can provide stability and predictability in monthly mortgage payments

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5) FHA loans allow for higher debt-to-income ratios, which can help borrowers with higher levels of debt qualify for a mortgage

6) FHA loans can be used to purchase a variety of property types, including single-family homes, multi-unit properties, and condominiums

7) FHA loans offer options for refinancing, including streamline refinancing and cash-out refinancing, which can help borrowers lower their monthly mortgage payments or access equity in their home.

5) FHA loans allow for higher debt-to-income ratios, which can help borrowers with higher levels of debt qualify for a mortgage

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6) FHA loans can be used to purchase a variety of property types, including single-family homes, multi-unit properties, and condominiums

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7) FHA loans offer options for refinancing, including streamline refinancing and cash-out refinancing, which can help borrowers lower their monthly mortgage payments or access equity in their home.

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See What Clients Are Saying!

"As a first time homebuyer, we had millions of questions, concerns, and tons of anxiety. Patrick was always there to answer any questions we had and was extremely patient with us throughout the entire process. Patrick responded very quickly to email, text messages, and voice mails. We always felt like we were the most important clients he had."
J.S.

Extremely helpful

"Me and my wife recommend Patrick Morales to everyone. He is an angel for us, he is extremely responsive, extremely satisfied. extremely well. We would rate him Five out of Five star. Patrick you are outstanding."
NJ

Fantastic experience!

"Patrick is so easy to work with - he’s helpful and readily available to answer questions and calm any fears associated with first-time home buying! I had a million questions - Patrick was extremely patient and never made me feel silly. I confidently recommend Patrick to anyone!" D.S.

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Texas Veteran’s Land Board Transaction

"Thanks Patrick for getting us set up with a loan with outstanding terms! I also really appreciated the easy online document fulfillment process. Will use again!"
K. S.

Excellent Broker!

"My experience with Patrick Morales was extremely positive. He, my realtor, and I were all on the same page through the whole process. Communication is key and we had it! I highly recommend him as a broker. I have already mentioned him to other family members and friends. The house buying ups and downs do not phase him. He keeps his clients informed and is willing to answer any and all questions you may have, day or night.

I am grateful for the team I had during my first home buying experience.

Thank you Patrick for all of your help!" N. G.

Wonderful Lender!!

"Went above and beyond to make sure I had as much information I needed to close on my home. Great job by Kevin and team to stay connected and provide timely communication to close early. Patrick truly cares about the individual and families and provided a great overall experience for one of the more stressful times in someone's life. Great job overall and thanks again for all your hard work and information that was super helpful." V. H.

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This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Copyright © 2021 | NEXA Mortgage LLC

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Corporate Address : 5559 S Sossaman Rd Building 1 #101, Mesa, AZ 85212