Low Fixed-Rates with Lower Credit Scores! HUD's FHA is a great way to get a fixed-rate loan with low interest rates. You need only a 3% downpayment. Credit is far more lenient than conventional mortgages. In fact, there is no minimum credit score! FHA Refinances are the Easiest! If you already have an FHA loan, you don't have to prove income or even have your credit checked! FHA streamlined refinances don't even require an appraisal! Conventional loans at a higher rate can be refinanced into an FHA loan. This is especially useful when credit is basically good but may not fit Fannie Mae guidelines. FHA gives up to 97.75% of the appraised value to pay off existing mortgages and 85% of the appraised value for any reason, including cash. FHA Has Unique Features! FHA allows quite a few unique features not found in similar conventional loans. Parents and other close relatives can give the 3% down payment as a gift. You can still refinance into an FHA loan even if you have a 2nd mortgage over 100% of the value of your home. FHA's adjustable rate programs typically have tighter caps than conventional loans. Annual changes are capped at 1% and the life of loan cap is 5%. There are many more special features of FHA that make it an excellent choice for borrower's under tight circumstances. AMC Is An Acknowledged FHA Expert! Our General Manager, John Councilman, serves on the FHA/VA Committee of the National Association of Mortgage Brokers. We are always aware of the latest developments at FHA and know how to smoothly navigate the FHA system.