Mesa AZ FHA Mortgages

Mesa AZ FHA Mortgage Loans

Many homeowners in Mesa have found that the FHA mortgage loan is a great way to finance a home.

An FHA insured loan is a Federal Housing Administration mortgage insurance backed mortgage loan which is provided by a FHA-approved lender like Academy Mortgage.  FHA insured loans are a type of federal assistance and have historically allowed lower income Americans to borrow money for the purchase of a home that they would not otherwise be able to afford.   Over the last few years, the growth in the number of FHA loans has exploded due to the economy.

Mesa AZ FHA Loan Information For First Time Home Buyers

Buying your first home can be a stressful and confusing process.  First, you have to go through the work of choosing the home, submitting an offer and then negotiating the offer until you get it accepted. Once you have picked out the house, then it is time to complete the financing for it.  However, we recommend doing the financing part first so that you can be pre-qualified, which will be an advantage when you are negotiating your offer.

The biggest reasons that many people choose a “regular” FHA loan when buying a home is that it is a low fixed rate mortgage with a low down payment.  Other popular options include the FHA 203k, the FHA 203k Streamline and the FHA 1 year adjustable rate mortgage.

Mesa AZ FHA Mortgage Highlights:

• 3.5% down payment
• Low closing costs
• Fixed rates available
• Up Front Mortgage Insurance required
• Seller paid closing costs allowed

Once you have an FHA loan, when rates drop, the FHA streamline refinance program makes it easy to take advantage of lowering your rate without having to do everything that you did to qualify for the loan in the first place.

Mesa AZ FHA Loan Limits (For Maricopa County)

FHA Mortgage limits for the Mesa area for 2012 are:

• One Family Home – $346,250
• Two Family Home – $443,250
• Three Family Home – $535,800
• Four Family Home – $665,850

Mesa AZ FHA Loan Experts

Academy Mortgage has offices right here in Mesa and we are Mesa’s FHA loan experts!  We are happy to help thousands of families right here get their FHA loan in the shortest amount of time possible: ten days.  Contact us today, we look forward to working with you!