FHA Mortgage Programs

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Mid America Mortgage, Inc. is pleased to offer a variety of FHA loans to home buyers and homeowners throughout much of the Country. Whether you are looking for a low money down FHA purchase loan, an FHA cash-out or streamline refinancing solution, or a Standard 203K loan to rehab a property that could use some renovations, we’ve got you covered.

Contact us today to learn more about our FHA loans and see if they might be the right fit for your home financing needs.

Contact Us for More Information on FHA Financing

More on FHA Mortgages

What are some advantages to FHA financing?

  • FHA purchase financing is available with as little as 3.5% down. Most conventional loan programs require 5-20% down payment.
  • Credit score requirements are typically less restrictive compared to conventional home loan products.
  • Interest rates for FHA loans are often very close to, and sometimes better than, conventional mortgages requiring 5% down.
  • Both 30 year and 15 year fixed rate FHA loans are available. With a USDA rural housing loan, borrowers only have a 30 year options. We also offer a 5/1 adjustable rate FHA loan for borrowers who are only planning on being in their homes for a short period of time.
  • Available for most types of 1-4 unit properties including condos and modular homes.

Are there loan limits?

Yes. There are FHA loan limits and they vary by area. You can research FHA financing limits through HUD’s website.

Why would someone want to refinance with an FHA loan?

  • The cash-out loan-to-value limits are higher than most conventional financing options. This means that you can tap into more of your home’s equity for other purposes.
  • FHA streamline refinancing allows borrowers to refinance their existing FHA loans without many of the expenses associated with a typical refinance. In order to be considered for an FHA streamline refinance, your mortgage must be FHA insured, your loan should not be delinquent, and you must benefit from the transaction. For example, your mortgage payment could go down as a result. Or, potentially, you are switching from an adjustable rate mortgage to a fixed rate loan. Borrowers cannot take cash out with an FHA streamline.
  • 203K refinancing allows borrowers to finance the costs of renovations into their loan amounts. Thus, they can avoid having to take out a second mortgages or construction loans at higher interest rates.

Are FHA loans only available for first time home buyers?

No. While FHA loans are extremely popular with many first time home buyers, past and present home owners may be eligible for FHA financing.

Additional Information on FHA Loans

Please note the underwriting guidelines are subject to change. Contact one of our mortgage professionals today for the most up-to-date guidelines.

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The various mortgage brands run by Mid America Mortgage, Inc.

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Company Headquarters:
Mid America Mortgage, Inc.
15301 Spectrum Drive, Suite 405
Addison, TX 75001
Phone: 214-261-3300
Toll Free: 866-544-7013
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Wholesale Division
550 Warrenville Rd
Lisle, IL 60532
Phone: 630-796-6092
Toll Free: 855-528-4572

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At Mid America Mortgage, Inc. we're always looking for talented mortgage professionals to join our growing team. We're an Equal Opportunity Employer offering a highly competitive compensation and benefits package.

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