FHA Loans

FHA Loans in Ponchatoula, LA

Buying your first home can be an intimidating process if you don't have perfect credit or if you don't make a lot of money. However, there are options available to you, if you'd like to purchase a home in Ponchatoula, LA

Have a sit down with the mortgage loan consultants at Sun Mortgage Funding and discuss how an FHA Loan could work for your situation. You might be surprised to find that a new home is more accessible to you than you once thought. If every reputable mortgage lender you have consulted with so far has turned you down, then this new option could be the second chance you've been looking for.

Sun Mortgage and the FHA Can Make Your Dream of Owning a Home a Reality

FHA loans are designed for first time home owners. You must have a decent credit score, but your score doesn't have to be sky high. You also cannot buy a mansion with this type of loan. 

These loans are available to you if you want to buy a modest home that the FHA feels you can afford. Affordability is determined by considering your income and the current housing market. 

These loans are designed to promote long term home ownership. The FHA wants to make sure you can afford to maintain payments on the loan you have taken out so that you will be less inclined to default on it. Like a cosigner, the FHA guarantees your loan so that lenders will be more likely to allow you to move into the property after paying, what is typically considered, a very low down payment. Most new homeowners pay around 3.5% of the total value of the property or less to move in.

Benefits Specific to Your Needs

One of the benefits of a loan like this is that it does not have the same income limits that many first time home buyer programs have. You can earn whatever you earn and still receive an FHA loan. You are limited, however, by the amount you can borrow. So if your dream home is an expensive one, you should probably secure another method of payment. 

In addition to having moderate to pretty good credit, you must also have a favorable debt to income ration, but other than that, there are no other factors you need to worry about. Many people qualify for these loans even though they once thought that finding a good loan was going to be impossible. For many consumers, these loans are the only realistic alternative to predatory lenders. 

Special Considerations

One thing to keep in mind about these loans is that the additional fees of the 1% they collect at the time of the loan's origination and the .85 to 9% they collect every month from all borrowers, goes into a pool that the FHA uses to pay for defaulted loans. Some borrowers find these fees to be more expensive than commercial lender fees.

Sun Mortgage Funding

3525 N. Causeway Boulevard , Suite 900

Metairie, LA 70002

Office: 504-837-3939

Fax: 504-837-1762

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