Currently, the FHA has roughly 4.8 million single-family mortgages insured throughout the United States. With more lenders applying to offer FHA loans, that number could be on the rise.
LINDON, Utah, Sept. 15, 2015 (GLOBE NEWSWIRE) -- As the FHA loan program continues to gain popularity with borrowers, Elevate Mortgage Group (a division of Low VA Rates) has applied for and been approved by HUD to offer FHA loans. Since the 2008 recession, the FHA loan program has become more prominent on the mortgage industry stage, as illustrated by over 21% of all home purchases being insured by FHA in 2012 – up from only 5.03% in 2006. To meet the needs of borrowers looking to get FHA-insured loans, Elevate Mortgage Group is applying their well-known customer service standards to the FHA loan program, and has completed the requirements to be approved to offer FHA-insured loans.
Obtaining FHA approval is not a given for a lender; they must meet above-average standards of experience in lending, personal and corporate credit history, and financial management. Felipe Pacheco, Division Manager at Elevate, says, "It is a long process and you have to be able to show that you have extensive experience in lending to get qualified. You also have to have a strong net worth as a company to be approved as well."
Elevate is particularly well-equipped to offer FHA loans to their customers because they do all of their underwriting on-site, making their process much quicker than other lending institutions. Pacheco believes that customer satisfaction is the most important part of offering FHA loans.
Pacheco hopes that having a division of Elevate specially dedicated to offering FHA loans will help increase awareness among borrowers whom the FHA program is designed to help. "FHA loans are easier to qualify for than a conventional loan. FHA guidelines are more forgiving so you don't have to have perfect credit to get an FHA loan."
The approval to offer FHA loans allows Elevate to do even more to help borrowers improve their lives, which is what Pacheco finds most rewarding about working in the home mortgage industry. Pacheco and the rest of the staff at Elevate are excited to be able to offer their fast and exceptional customer service to borrowers looking to get an FHA loan.
About Low VA Rates:
LowVARates.com is dedicated to serving veteran homeowners. We specialize in providing VA-guaranteed loans to qualified veterans for mortgage purchases and refinances. The VA loan program offers lower interest rates and monthly payments than conventional loans and even offers no-money-down options. LowVARates.com is one of the nation's leading websites for VA loan information and is dedicated to assisting all the men and women of the United States Military, both active and retired. We have built a reputation of serving those that have served us, and doing everything we can to ensure homeownership for all. Our professional staff and loan officers will assist you with locking in low-interest rates and taking advantage of the unique opportunities available through VA loans.
NMLS# 1109426
http://www.lowvarates.com/licensing