FHA Loans

FHA loans have been helping people become homeowners since 1934.

Some benefits of FHA loans are:

  • Low down payments
  • Low closing costs
  • Easy credit qualifying

What does FHA have for you?

Buying your first home?

FHA might be just what you need. Your down payment can be as low as 3.5% of the purchase price, and most of your closing costs and fees can be included in the loan. Available on 1-4 unit properties.

Want a fixer-upper?

FHA has a loan that allows you to buy a home, fix it up, and include all the costs in one loan. Or, if you own a home that you want to re-model or repair, you can refinance what you owe and add the cost of repairs - all in one loan.

Financial help for seniors

Are you 62 or older? Do you live in your home? Do you own it outright or have a low loan balance? If you can answer "yes" to all of these questions, then the FHA Reverse Mortgage might be right for you. It lets you convert a portion of your equity into cash.

Want to make your home more energy efficient?

You can include the costs of energy improvements into an FHA Energy-Efficient Mortgage.

How about manufactured housing and mobile homes?

Yes, FHA has financing for mobile homes and factory-built housing. There are two loan products – one for those who own the land that the home is on and another for mobile homes that are - or will be - located in mobile home parks.

FHA loans have been helping people become homeowners since 1934. How do we do it?

The Federal Housing Administration (FHA) - which is part of HUD - insures the loan, so your lender can offer you a better deal.

FHA allows a buyer to purchase a home with as little as 3.5% down. They tend to be more lenient on areas such as credit, funds to close and co-borrowers.

Most loans use a method of analyzing credit called credit scoring in the underwriting process. Studies have demonstrated a direct relationship between low credit scores and higher mortgage delinquency rates. As a result many lenders have established minimum credit scores at which they will accept loans. Unfortunately, a lack of credit, old delinquencies or incorrect information on the credit report can cause a low credit score. FHA does not have specific credit score requirements. Although a high credit score may assist in getting the mortgage approved, a low score is not automatically cause for denial. If the credit scores are low, then it is up to the borrower to demonstrate his/her ability and willingness to pay the loan back. This allows the borrower to explain the circumstances surrounding the credit difficulties and have that explanation considered in the underwriting process.

The underwriter on an FHA loan will review the credit and payment history of a customer concentrating on the most recent 12 to 24 months. If the customer has had a good payment record over the past 12 to 24 months they can often get approved for a mortgage even when Conventional financing has turned them down. An experienced loan officer can help the customer clearly tell their story and will often make suggestions as to how to make the file more acceptable to FHA. Because of FHA's leniency, some borrowers with past credit problems elect to use FHA for loans when they have a substantial down payment rather than getting a higher interest rate conventional loan. FHA tends to be more flexible than Conventional financing in the money needed to purchase the home.

In an FHA mortgage the customer must put at least 3.5% of the sales price into the transaction. Some of this money may be used for down payment and the rest for closing costs . Keep in mind, however,that the total cost to close on an FHA is commonly over the 3.5%. With the down payment, closing costs, money to establish escrows for taxes and insurance plus interest to finish out the month of closing, the total costs can be closer to 6 or 8% of the sales price.

The interest rate that you select will also have a bearing on the total costs. If you select a lower rate so that you can reduce your payment, you may end up paying additional money towards "points". At the same time if you are comfortable with a slightly higher payment you may find a lender that is willing to reduce the costs to close in favor of a higher interest rate.

FHA allows the borrower to get the funds necessary to close from several sources. They include such areas as personal savings, gifts, grants, loans from retirement accounts and seller contributions.

 
 

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What People Are Saying
Kim treated me like family answered all of my questions. She helped me through the loan process and more. I can't thank her enough. Thank you Kim Lawson Sandy S.
 Kim was awesome! She answered all of my questions in a way I could understand, never made me feel like I was a bother and worked around my crazy schedule. This was my first home purchase and she made a very stressful process a lot easier to deal with. Jacob C.
Kim is the best. She worked hard for us. Answered everything and did great. She was always on the spot and or called back asap. Yes, I would recommend her to friends and family members. Brandon D
Kimberly Lawson was informative and helpful. I would highly recommend her services. I can't than her enough for being patient with us and so kind. She made our dream come true! The whole applying for a mortgage process is stressful and to be honest a little scary. Many people have no idea where to even start, like myself. I'm glad she responded to a question I had on Zillow. She has made this process stress free and easy! I highly recommend if you're shopping around for a lender or just have questions you get in touch with Kim Lawson. Necole R
Kimberly Lawson is the absolute best at what she does. My fiance and I were about to give up looking for a home and keep renting an apartment. July of 2014 we found her on a home selling website. Someone like me had left a huge review about how they had almost given up and she had gotten them a home loan so we called her up. September 26 last year she finalized our loan. We had went through every lender around with all the hoops in between, with Kim she simplifies everything and as long as you can hold up your end of the bargain you will not be disappointed! Thanks again Kim keep up the great work! P.S. we love the house!!! Tommy V
We are extremely satisfied with our experience. Our loan officer, Kimberly Lawson, was outstanding. She was on top of everything and worked really hard to make sure we were informed at each step of the process. She is so client focused and she really knows what’s she’s doing which resulted in us feeling confident about our loan. Thank you! Marsha R.

I had dealt with a few lenders and ended up walking away from the deal because of the running around the mortgage lender was making me do. Wasting my time and money way before I even closed on the house. So I had to go find a new lender and by chance came across Kim lawson, I decided to give her a try. She was very knowledgable on many different things, she was constantly keeping me updated and always making sure things were in my best interest. Most importantly she made things on my end very easy and never wasted my time. I am very grateful for her services and would recommend someone give her a try just as I did. William M. Jr 
 
Kim Lawson was absolutely amazing! She was able to make buying a home stress free. I am so glad I found her and will only use her in the future. I recommend her to anyone looking to buy a home; and already have. Matthew W.
Kim Lawson was amazing!!! I came in with low expectation because I had a low credit score and had been turned away by other lenders. She took us under her wing and guided us through the whole process. Long story short we have closed on our dream home and look forward to moving all thanks to Kim Lawson. Thank you so much! Mem S.
We appreciated everything you did. You worked very hard to serve us! You kept us informed at all times, even with the smallest detail. You returned all of my calls quickly and with the answer to my question. You did exceptinally well with everything! Thank you! Amanda S.
Ms. Lawson was very detailed oriented when explaining everything to me, which helped me understand all the paperwork needed to buy a house. I appreciated everything she helped me with and with all my frustrations associated with it. Kim was very professional and the service offered to me from her was well above what I expected. She is awesome at what she does and her employer is lucky to have her as an employee. Thanks Kim!!!! Wendy H.
Kimberly anticipated issues and attempted to resolve them while keeping me informed of all developments. You were especially good at keeping in frequent contact with me with specific information to help the process along. Regina K.
We appreciated how you explained each and every step from beginning to the end. It helped us to understand, being first time home-buyers. We definitely will recommend friends and family to you as soon as we hear they are looking to buy a home! Rhonda T.
 

Licensed by Ohio Division of Financial Institutions

MB.801981.000 NMLS: 248519

Ohio Loan Officer License:  LO.4495.000 NMLS:  5601

 

Kimberly Ann Lawson

Mortgage Loan Originator

Phone: 888-659-3848

Fax: 888-418-1950

www.yeskimmortgage.com

 

ACF Mortgage LLC

6111 Madison Rd

Cincinnati, OH 45227

T: 513-755-7650    F: 513-755-4477