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FHA Loans

JTS & Co. Offers Multiple FHA Loan Programs

FHA Loans

At JTS & Co. we offer multiple options of FHA Loan Programs across Mississippi and Alabama. Our team can help you decide which program would benefit you the most. Contact us today to learn more.

Features of a FHA Loan

• Attractive option, especially for first-time homeowners.

• Can be utilized for both purchase and refinance transactions.

• Requires the buyer to put 3.5 percent of the sales price down as a down payment.

• A Cash Out Refinance allows the borrower to access existing equity to be used for any purpose like consolidating unwanted debts, funding home improvements or paying for college.

• A Rate & Term Refinance allows up to 97.75 percent of the appraised value.

• FHA Streamline allows for refinancing of an existing FHA loan.

• In some cases, we at JTS & Co. can refinance without having to order an appraisal.

Call us today to see what option is best for you!

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    FHA Loans from JTS & Co.

    Mississippi and Alabama are wonderful states to live in, offering a variety of great working opportunities for everyone. Whether you are new to Southern hospitality, or have been living here all your life, there likely will come a time when you want to invest in homeownership. That will require some type of a mortgage loan. At JTS & Co., we have different mortgage options to choose from, including FHA home loans.

    There is nothing simple about applying for a mortgage loan, but we make it easy for you. Gone are the days when you had to wait weeks or months for an approval and had no idea when your closing would occur. We have streamlined every aspect of a mortgage loan approval, from initiating an application, to signing your closing documents.

    Let Us Get You the FHA Loan You Need

    FHA loans are insured by the Federal Housing Administration. They exist to help all lenders, and to improve the housing market, because not everyone qualifies for a conventional mortgage loan. If your credit can use some improvement, or maybe you have been turned down for a conventional loan, you still have alternatives.

    FHA home loans can help put you in the home of your dreams. Homebuyers can qualify for an FHA loan that has low interest rates, especially if you have that less-than-perfect credit score.

    Features of FHA loans include:

    • Credit score of 600 or above
    • Low down payment options
    • Low interest rates
    • Home purchases
    • Refinances
    • Special renovation projects

    FHA mortgage loans are fast becoming the most popular way to secure a loan in Mississippi and Alabama. If you are a first-time homebuyer, you may find coming up with a 20% down payment out of reach. An FHA home loan can get you there. Even if you do not have the money yourself, family members can gift the homeowner with the down payment amount if necessary. With an FHA loan, there are no mortgage originating, processing, or underwriting fees to worry about.

    FHA Loan Requirements

    As with any type of loan you apply for, there are requirements you will have to meet.

    • Debt-to-Income Requirements: There is a ratio that all lenders use called Debt-to-Income (DTI). For an FHA loan, this number must be 56% of your income or less.
    • Your Down Payment: A typical FHA down payment is 3.5% of the purchase price. That is the minimum down payment allowed under an FHA loan. Depending on your credit score, a higher down payment could be required.
    • Property Requirements: Any property on which you are taking an FHA loan must meet certain safety, security, and soundness qualifications. The home you are looking to purchase must be structurally sound, and a place you can move into with ease.

    FHA Mortgage Loan Limits

    The maximum loan amounts you can apply for with an FHA loan are up to  $685,400.00 depending on the property. Loan limits are set within each county in Mississippi and Alabama.

    FHA loan programs are made possible because of mortgage insurance. With every FHA loan, two separate mortgage insurance premiums (MIP) are required. First, there is an upfront premium of 1.75% of the purchase price, which is automatically added to the loan balance by the FHA. Secondly, there is a premium paid by the homeowner every month in their mortgage payment.

    This second premium is called Private Mortgage Insurance (PMI). The exact amount of this premium is based on factors such as the total loan amount, your loan-to-value ratio (LTV), and to the length of the mortgage loan.

    An FHA home loan can be used to purchase a home and to refinance the home you are currently living in. There is streamline refinance and cash-out refinance options which are both available to homeowners who currently hold an FHA loan.

    It does not matter if you are purchasing your first home (which is an exciting time, for sure), looking to buy a larger home or downsize your home, or wanting to refinance to a better, lower interest rate, FHA loans can get you the lower monthly mortgage payment you need right now.

    JTS & Co. Will Help You into Your Dream Home

    At JTS & Co., we offer multiple FHA home loan programs. If you have been turned down in the past, or do not think you can qualify for a home loan, now is the time to contact our expert mortgage teams in Mississippi and Alabama. They will help you to decide on the right loan program for you.

    Contact us today to learn more about how we can help you get the right home mortgage loan for you. We know each of our customers is unique, and our goal is to serve you now, and into the future. FHA loans can do that for you.

     

    The JTS & Co. Mortgage Payment Calculator factors in your fees to give you a more precise payment estimate.