FHA Loans

What Is an FHA Loan?

An FHA loan is a perfect mortgage solution for those who have less than ideal credit. This very popular mortgage option is funded by the federal housing administration, which allows for lower credit scores and often just a 3.5% down payment. This makes an FHA loan a very attractive option to first time home buyers and many others looking to secure funding for their new residence.

Even though qualifying may be a bit easier than most loans, the paperwork and process can be just as difficult if you don’t have the proper support. From long and difficult paperwork to trying to figure out what documents you need, the process of securing an FHA loan on your own can quickly turn your excitement to pure frustration.

The Bally Team wants to make your FHA loan process as easy and understandable as we possibly can by guiding you step by step through your home buying journey.

The time you spend trying to decipher loan paperwork filled with mortgage industry jargon is time you can spend shopping for the perfect couch or patio furniture for your new home.

If the process is delayed for not turning in the correct documents or completing paperwork incorrectly you can lose money on fees, rising interest rates or even seller concessions. 

The Bally team understands you work hard for your money and deserve to save every penny you can. Working with us will give you the comfort of knowing that you’ll be ahead of the game and knowledgeable in every step of the process.

What do you need to know to quality for an FHA loan in Michigan

An FHA loan and its many benefits may be ideal for your home mortgage needs depending on your situation. The flexibility of an FHA loan allows us to work with less than perfect credit scores and down payments lower than the standard 10-20%. Below are some of the awesome benefits and features of an FHA loan:

  • You can qualify with a credit score as low as 580
  • A great option for first time home buyer
  • As little as 3.5% down
  • An FHA loan is an “assumable mortgage,” meaning if you want to sell your home, the buyer can assume your mortgage type, which can make the selling process much easier.
  • Its possible to qualify even with past bankruptcy or foreclosure depending on how long ago it took place.
  • FHA loans tend to be very borrower friendly and so are we! The Bally team wants to guide you through each and every step of the loan process piece by piece until even after you get your keys.

An FHA Loan could be what you need to get your home!

The process of securing your FHA loan becomes so much smoother when you work with The Bally team. The intimidating documents are broken down into easy to understand steps which takes the fear and frustration out of the process.

The support you receive from the Bally team will give you an immediate sense of calm and confidence which help propel you forward into achieving your home buying goal. Below are some of the comprehensive services the Bally team offers:

  • Full support from a passionate and dedicated staff.
  • Years of mortgage and real estate experience.
  • Education on the overall process of obtaining your loan and step by step support.
  • Exploration of similar loan products to assure you have the best option available.
  • No fees on all loans.
  • Assistance from the moment you reach to after you get your keys.

But don’t just take our word for it. Take a look at some of the awesome reviews the Bally team has received.

“Great to work with. I was a 1st time buyer and Amer had my back all along. I don’t remember waiting for more than 10 minutes for a response from the whole team. I was told about the closing cost way ahead in the process and there was no hidden charges. To top it off, we were able to close the deal from scratch within 20 days. Thanks a ton to the whole team.”

Srest Verma 2-14-2020

“My experience with Amer with the Bally Team was great from start to finish. The communication with Amer was clear and precise. He was extremely knowledgeable and helpful. He was able to provide great options for my refinance within phenomenal time frames. I will definitely work with Amer again.”

Samantha Walters 2-14-2020

“My experience with Amer with the Bally Team was great from start to finish. The communication with Amer was clear and precise. He was extremely knowledgeable and helpful. He was able to provide great options for my refinance within phenomenal time frames. I will definitely work with Amer again.”

Pelar Esshaki 2-13-2020

Contact Us Today

When you work with the Bally team you’ll receive top notch service from a team that fights to make sure you receive the best interest rate possible. Our team has an incredible amount of knowledge in the FHA loan field so we can assure you that you’re receiving the borrower friendly benefits and features you’re entitled to.

Our pre approval application costs literally nothing to complete and will get you ahead of the game in securing an FHA loan for your dream home. We charge zero fees on our loans so working with us will not only save you headache, but save you money as well.

Last but not least, we can close your mortgage in as little as 20 days in some cases! The industry standard is 30 days so imagine the convenience of having 10 extra days to enjoy your beautiful new home.

Frequently Answered Questions

1. How long after foreclosure or bankruptcy can I qualify for a FHA loan

The waiting period is 3 years for foreclosure and 2 years for bankruptcy.

2. Does the Bally team offer products besides FHA mortgage loans?

Absolutely, the Bally team has many different products and services available.

  • Conventional loans
  • VA loans
  • Reduced down payment programs
  • Debt consolidation
  • Home Renovation
  • Second home programs

3. Can I use an FHA loan for a vacation home?

No, FHA funding is intended for a buyer’s primary residence.

4. What is mortgage insurance and do I need it?

Mortgage insurance protects the lender or the lienholder on a property in the event the borrower defaults on the loan or is otherwise unable to meet their obligation. 

Mortgage insurance is required on FHA loans.

5. How can I prove my income to my FHA lender?

You prove your income to the lender with documents such as recent pay stubs, income tax returns, cancelled checks and bank statements if you receive direct deposit.

Call us now at 586-945-3424, reach out to us via the website at https://theballyteam.com/contact-us or get a jump start on the process by completing the pre-approval form.

We can’t wait to hear from you!