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FHA Loans

Jay Dacey Mortgage Team helps homeowners secure FHA loans. FHA loans originate from the Federal Housing Administration and are insured by HUD (US Dept. of Housing) so that lenders can offer more affordable mortgage rates. FHA loans require lower down payments and closing costs. FHA loans allow you to purchase a home with a 3.5% down payment, or refinance a home up to 96.5% of the home's value. FHA loans are easier to qualify for, have lower credit requirements, and offer several homeowners an easy way to secure financing.

FHA loans offer options to those who've undergone bankruptcy or foreclosure. They're available to first time homebuyers, refinancers and anyone who's purchasing property and doesn't already have an existing FHA loan. The guidelines for debt ratio and job qualifications are more lenient than a conventional loan. Your monthly payment will include private mortgage insurance. Unlike conventional loans, this is a part of your payment for the life of the loan; it does not fall off when you reach an 80% loan-to-value ratio.

Below are some requirements for FHA loans:

To see if you pre-qualify for a FHA home loan, contact Jay Dacey NMLS #375033 today at 651-315-7681 or complete our online application.

Be prepared to provide documentation including:


FHA loans require a minimum of 3.5% down payment. The entirety of these funds can be gifted to you.


You can refinance from an FHA loan into another FHA loan, or from a conventional loan into an FHA loan. Refinancing with an FHA loan is allowable even if you're late on your current mortgage or facing foreclosure. You can refinance up to 96.5% of the home’s value. Private mortgage insurance is a part of your mortgage payment over the life of the loan.

FHA Streamline Refinance

The FHA Streamline refinance was retooled in 2011 to help those already in an FHA mortgage prior to June 2009 take advantage of lower interest rates. Instead of getting your home appraised, you can refinance based on the original purchase price of the home and not its current value. This is extremely advantageous for those underwater in their FHA mortgages.

Although you do not have to verify your employment or income, or even have your credit pulled, on an FHA Streamline refinance you will need:

If this applies to you, be sure to check out an FHA streamline refinance. Give us a call today!

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