Address: 1950 Craig Road, Suite 100 St. Louis, MO 63146 | Phone: (314) 336-9111

FHA Loans

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Getting You The Competitive Rates on FHA Loans They Deserve

At Liberty Lending Consultants, we are proud to provide our customers throughout the area with exceptional rates on the FHA loans they need. Our experienced mortgage brokers are especially fond of FHA loans for the simple fact that they can help families who may not meet the requirements for conventional loans.

FHA loans Missouri are becoming even more popular since its inception in 1934, especially with first-time homebuyers because the requirements are less strict than conventional loans. Today, millions of families can now obtain the money they truly need and deserve.

Regardless of whether you have less-than-perfect credit, you’ve previously filed for bankruptcy, you’ve experienced a foreclosure or you’re simply looking for a lower down payment, the odds of qualifying for an FHA loan are still in your favor. FHA loans Missouri are the most viable option for the first time home buyer, people who are moving up or families who need a boost—we can help you today!

What Are the Advantages of FHA Loans from Liberty Lending Consultants?

  • 3.5% Down
  • Great 30-Year or 15-Year Fixed Rates
  • Cosigners Are Allowed
  • Gift Down Payment Funds Allowed
  • Those with Less-than-Perfect Credit Can Qualify
  • Great for Debt Consolidation
  • Particularly Beneficial to Buyers with Less Cash in the Bank
  • Max Loan Amount is Approx. $271,000 (Depending on Area)
  • Owner Occupied Only
  • Oftentimes Even the Closing Costs Can be Rolled into the Loan

Who Qualifies For An FHA Loan:

FHA loans are gaining popularity because they are less strict than conventional loans, however not everyone can qualify for this type of loan.

Credit Score:

FHA loans are attractive to a lot of borrowers who may not have a perfect credit history. The minimum credit score for FHA loans depends on the specific type of loan the borrower needs but generally goes as low as 500. Individuals with a credit score between 500 and 579 must make mortgage down payments of at least 10 percent, however a down payment as low as 3.5 percent requires a borrower with a credit score of just 580 or higher.

Although FHA loans are a great fit for many borrowers, individuals with credit scores under 500 are generally ineligible and should consult a Liberty FHA loan specialist to see if they qualify for “specialty circumstances.”

FHA loans are great for first time buyers because they only require an investment of 3.5 percent of the purchase price as a down payment. Additionally, these loans do not usually require a minimum income amount as long as the buyer can show they have enough to carry current monthly debts and obligations.

FHA loans allow for some flexibility with borrowers that have declared bankruptcy or been foreclosed on. While typical borrowers are required to be 2-3 years out of bankruptcy and foreclosure, exceptions can be made in lieu of extenuating circumstances especially if the person has re-established good credit.

FHA Loan vs. Conventional Loan

FHA Loans and Conventional Loans are two of the most popular loan options for homebuyers. While FHA Loans are not technically issued by the FHA, FHA Loans are federally insured home loans issued by a lender for individuals with less than ideal credit and lower income. Conventional Home Loans are loans issued by a lender and require a higher credit score and income. Conventional Home Loans typically feature more preferred monthly payments, interest rates, and flexibility. Compare FHA Insured Loans with Conventional Home Loans below.

FHA Insured Loans

FHA Insured Loans are insured loans offered by private lenders but insured by the Federal Housing Administration. FHA Loans are popular among first time home buyers and lower-income buyers. FHA Loan approval will vary with income and creditworthiness, however, FHA Loans are typically easier to get than Conventional Housing Loans.

  • Primary property only
  • Lower down payment, as low as 3.5%
  • Insurance required
  • Monthly premiums
  • FICO Score Not Required

Conventional Housing Loans

Conventional Housing Loans are a popular way to purchase a home. Conventional Housing Loans are harder to get than FHA Insured Loans, especially for lower-income applicants and applicants with a limited credit history. Conventional Housing Loans also feature some of the lowest fixed payments and interest rates making Conventional Loans extremely valuable.

  • Primary, secondary, or investment property
  • Down payment varies, typically 3-5%
  • Insurance can be waived over time
  • Monthly premiums
  • FICO Score 640+