Mohsin Mortgage Corporation Announces Availability of FHA Loan Program
Western Pennsylvania-Based Mortgage Broker Provides Financing for all Credit Types
Mohsin Mortgage Corporation announced today that it has received the Federal Housing Administration's (FHA) approval to be one of the nation's leading mortgage brokers to provide FHA loans. The government's approval allows the South Fayette-based mortgage company the ability to offer the government-backed FHA loans to its growing market of customers.
"We're pleased that HUD recognized our commitment to provide affordable mortgages through our experienced loan professionals who have the know-how to offer FHA loans to consumers," said Sara Mohsin, owner of Mohsin Mortgage. "Our commitment as a company is to provide the opportunity for people from all walks of life to have financing in respect to home ownership and refinancing which is provided through FHA."
Because FHA loans are more flexible than many other conventional and sub-prime loans, FHA-insured loans are a popular option for first-time home buyers, who account for over 80% of the FHA issued loans in 2007. The FHA loans are also used to refinance sub-prime home mortgages, which typically have a higher interest rate. They are also used as a "stepping stone" towards lower-interest conventional loans.
Mohsin stated that the FHA loan program will allow borrowers to make a purchase of a home with a minimum down payment.
"Without FHA insurance, many families can't afford the home they want because down payments have traditionally been a major roadblock," Mohsin said. "The FHA down payments range from 1.25% to 3% of the sale price, and are significantly lower than the minimum that many lenders require for conventional or sub-prime loans."
Mohsin said that the credit requirements for FHA loans are flexible, compared to the requirements established by many lenders for other types of home loans. She added that the FHA focuses only on a borrower's last 12-24 month credit history. In addition, there will be no minimum FICO score, which mortgage bankers use in reviewing loan applications. "This will allow Mohsin Mortgage Corporation to offer FHA loans to applicants with no established credit. It will also allow us to offer the loans to applicants who use gifts from family members and non-profit groups to cover down payments."
Mohsin also noted that there will be no maximum income levels with FHA programs. There are county-specific maximum loan amounts however, and Mohsin Mortgage will be able to provide perspective borrowers of the requirements.
Mohsin Mortgage is licensed in multiple states and is partnered with hundreds of different lenders which allow borrowers to receive the most competitive rates available on the market.
"Working with Federal funds allows us to provide better rates and better opportunities for homeowners from all walks of life," she said. "We're now able to offer a service to borrowers with great credit, mediocre credit, and for people who are not in a position to finance, which gives them the advantage."
Mohsin Mortgage Corporation has offices in South Fayette and Southpointe. Office hours are 10:00 am to 5:00 pm daily, with evening and Saturday hours by appointment.
Information on Mohsin Mortgage is available at www.mmcmtg.com, or toll-free at 1-800-662-9550.