FHA Mortgage Loans In Washington DC

In this day and age, looking for that dream home can often prove to be a challenge in and of itself. But it can be even more challenging when you’re trying to look for the greatest mortgage lender around. There are numerous options to select from, especially in Washington DC, where there are countless FHA loan lenders who are more than willing to offer you the best deal. But even though they may appear to be promising, it’s crucial you’re aware that the FHA loan in Washington DC they offer won’t provide the same set of terms that another will. Additionally, it’s equally imperative you’re aware that not all will prove to be the most advantageous of them all. And if you’re burdened with trying to find the right loan lender, then don’t keep burdening yourself and call American Bancshares today!

With our team’s 20+ years of experience that accumulates through their continuous, exceptional services as well as their deep devotion to empowering communities, you can best believe that our team of experts are the premier FHA lenders in Washington DC. If you would like to learn more about why you should choose American Bancshares as well as what an FHA loan is, then continue reading below.

Why You Should Choose American Bancshares For an FHA Loan in Washington DC

American Bancshares is known far and wide as one of the most highly rated, established, and reliable FHA home loan Washington DC service providers. For more than 20 years, our organization has empowered partners and helped communities. And because of this, our services have extended far across the country.

Our company’s structure was created and designed by industry experts who deeply versed and knowledgeable about the modern home financing market. Unlike banks, our organization offers mortgage products, meaning that all of our FHA lenders in Washington DC are licensed and well-versed in mortgage lending. Our employees aren’t only devoted to providing you ethical and professional advice, they’re also more than devoted to helping you find the right loan with an optimal rate, terms, and even cost-effectiveness to fulfill your best interests.

Our deep drive to help communities spawns from our core values as an organization as a whole: commitment, integrity, and transparency. The majority of our team members — including our senior management — have held a seat in just about every position in the mortgage industry, allowing us to gain insight into the industry from all perspectives. And thanks to this in-depth perspective paired with deep knowledge, we’re allowed to effectively adapt to industry change while still providing you with super service and first-in-class customer services that we’re so widely known for.

Our company possesses leveraged technology in order to give you a simple, straightforward, online stress-free mortgage application experience. Through us, you’ll gain an FHA home loan in Washington DC that will help you acquire the property you seek to purchase.

FHA Loan in Washington DC

There’s a common myth that if you earn a low income and carry an even lower credit score, you’re not able to buy a house. However, this couldn’t be further from the truth. With a Federal Housing Administration (FHA) loan provided to you by an FHA-approved Washington DC mortgage lender, you can trust that you’ll be able to purchase property easily when you’re financially disadvantaged.

An FHA loan in Washington DC is designed to assist low-to-moderate income borrowers. They don’t require that you meet the normal criteria you’ll typically see in conventional loans. Some instances of such lower-than-standard requirements include having a credit score that’s at least 580 and making a down payment as small as 3.5%. And even if you have a credit score that’s lower than 580 (between 500-579) you’re still able to qualify for an FHA home loan in Washington DC as long as you’re able to make a 10% down payment.

As FHA lenders in Washington DC, we’re deeply driven to continuously improve the quality of communities. If you have a low credit score and need assistance in paying for the acquisition of property, feel free to call us.

FHA Loans Vs. Conventional Loans

An FHA home loan in Washington DC is available to those with credit scores that are as low as 500. If you happen to have a credit score that’s between 500 and 579, you may be able to qualify for an FHA loan in Washington DC if you’re able to make a down payment of 10%. If you possess a credit score of 580 or higher, you can still get an FHA loan with a down payment of as little as 3.5%. Compared to a standard loan, you might need a credit score of at least 320 and make a down payment between 3% and 20%.

Like any other mortgage loan, an FHA loan in Washington DC will require that at least two years have passed since the borrower experienced a bankruptcy event. You must also be 3+ years removed from any mortgage foreclosure events and must also demonstrate that you’re working to re-establish good credit. If you’re titled as a delinquent on your student loans and/or income taxes, you won’t have to qualify for an FHA loan in Washington DC.

Types of FHA Loans

There are 5 types of FHA loans in Washington DC, they are:

  • Traditional Mortgage
      • A traditional mortgage is used to finance a primary residence
  • Home Equity Conversion Mortgage
      • If you are aged 62 years or older, then this FHA loan type may be the best choice for you. This reverse mortgage converts the equity of your home into cash while still retaining the title of your home. You’ll be able to choose how to withdraw your funds (either as a fixed monthly amount or a line of credit).
  • 203(k) Mortgage Program
    • A 203(k) mortgage program factors in the cost of certain repairs and even renovations into the loan. It allows you to borrow money for both property purchased and home improvements. This FHA loan in Washington DC will make a huge difference if you don’t have enough cash on hand after you make the down payment.
  • Energy Efficient Mortgage Program
      • With this mortgage loan, you’ll be granted extra funds to pay for energy-efficient home improvements that are intended to lower your utility bills.
  • Section 245(a) Loan
    • With a Graduated Payment Mortgage (GPM) this FHA loan in Washington DC, your initial monthly payments that gradually increased will be lowered, and a Growing-Equity Mortgage (GEM) has scheduled increases in monthly principal payments resulting in shorter loan terms.

Hire American Bancshares For Their FHA Loans in Washington DC

When you’re ready to purchase your desired property and need assistance from one of the most qualified FHA lenders in Washington DC, pick up the phone and call the experts over at American Bancshares. American Bancshares has been trusted by numerous clients for not only their professionalism and expertise but also for their devotion to helping you become a part of a better community.  For any inquiries, you may call us at 1-833-937-2276 or request a free consultation online

Our passion for growing communities

Servicing the community is driven by our core values of commitment, integrity, and transparency. Many of our team members and most of our senior management have sat in every chair of the mortgage industry, providing us with a full understanding of the business from all aspects. This in-depth knowledge is what allows us to quickly and efficiently adapt to industry change, while constantly providing you with superior processes and first-in-class customer service.

We have leveraged technology to bring you a simple, straightforward, online stress-free mortgage application experience.

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