Making Homeownership Affordable
Union Home Mortgage Corp gives borrowers access to a variety of Federal Housing Administration (FHA) Loans. Since the primary purpose of the FHA is to promote homeownership by insuring mortgage loans made by approved lenders, this agency promises to repay these lenders should borrowers default on their loan obligations. This agreement reduces the risk for lenders and, in turn, encourages them to offer more favorable loan terms to borrowers. In many cases, FHA Loans require lower down payments and closing costs than most Conventional Loans and often feature less stringent credit requirements.
UHM’s FHA Insured Loan Programs include
- FHA Loans: These loans are available to first-time homebuyers and other qualified borrowers. They are a great loan product for those who can’t afford a large down payment and are looking for flexible credit qualifying standards.
- FHA 203k Loans: This program is designed to help homebuyers and current homeowners breathe new life into their properties. FHA 203k Loans provide funds for both the purchase and renovation available as part of a single loan. The FHA 203k Loan is available in both Standard 203k (for more costly, structural renovations) and Streamline 203k (for improvements that do not exceed $35,000 in renovation expenses).