Who is Guaranteed Rate?
We’re one of the largest retail mortgage lenders in the nation, funding $23 billion in home loans during 2016. We aim to win your trust and your business through a genuine desire to serve you, evident by our 95% customer satisfaction*.
- A low, low rate on the right mortgage product, along with transparent, fair fees.
- Technology that streamlines the mortgage process and simplifies each step.
- Unmatched service and expert advice to help you find the perfect mortgage.
What is an FHA loan?
An FHA home loan is a mortgage insured by the Federal Housing Administration. FHA loans reduce the barrier to entry for homebuyers and refinancers by featuring low down payments, flexible credit requirements and more purchase power. If funds are limited, an FHA mortgage can help you finance more than 80% of your home value.
- 3.5% down payment option for qualified borrowers.
- Minimum 620 or higher FICO score.
- More flexible underwriting qualifications than conventional loans.
- No maximum income restrictions.
- Fixed and ARM conforming loan options up to $636,150.
- Seller assistance with up to 6% of closing costs.
- 203k renovation loans with a minimum 620 FICO score.
With an FHA loan, you can use borrowed money and other gifts from family members to cover down payments and closing costs. And don’t worry about prepayment penalties! An FHA loan lets you refinance or pay off your home early without having to deal with extra fees or other sticking points.
What is an FHA 203(k) Loan?
The Federal Housing Administration’s (FHA) 203(k) loan offers less rigid credit requirements, competitive rates and a low down-payment requirement. Many times construction loans are not a financially viable option as they can be very expensive. The FHA offers two types of 203k renovation loans, Limited 203k and full 203k.Full 203k for Larger Projects
The full 203k can assist you with larger scale projects from the complete reconstruction of a home to the rehabilitation of a home. To be eligible, repairs must exceed $5,000.Limited 203k for Smaller Projects
The Limited 203k is a repair loan with no minimum repair requirement. The Limited option allows you to repair and/or improve your home without depleting your savings. The program allows for up to $35,000 in repairs (this limit includes fees and reserves) and does not require the use of plans, engineers and/or architects.
Why trust Guaranteed Rate with your FHA 203(k) loan?
FHA loans are our specialty. From coast to coast, we’ve helped hundreds of thousands of people secure great FHA loans since 2000. Apply above and we’ll review your options to help you find the best fit!
*95% Customer Satisfaction: Data Source: Guaranteed Rate’s Client Satisfaction Surveys (Averaged 2007-2016)
Guaranteed Rate, Inc. is a private corporation organized under the laws of the State of Delaware. It has no affiliation with the US Department of Housing and Urban Development, the US Department of Veterans Affairs, the US Department of Agriculture or any other government agency.