FHA Loans

FHA loans are the most popular government-backed home loans in the country and are made only by qualified lenders. The loans are guaranteed to the lenders by the Federal Housing Administration (FHA).

FHA loans require as little as 3.5% down for borrowers with at least a 580 credit score. Because of the government backing, FHA interest rates are typically lower than average rates for conventional mortgages.

If you need help with making an action plan to get your score up, ask me for referrals to folks who specialize in these matters. Then once you are at a level to qualify, we will help you complete the process!

Additionally, you will want to understand that FHA loans allow sellers to pay up to 6% of the loan amount to help cover the buyer's closing costs! The limits are different for conventional loans in which sellers can only pay up to 3% of the closing costs. So if you need seller's concessions, this should be considered when submitting an offer to purchase a home.

 There are also several first-time home buyer grant and second mortgage options available for down-payment assistance based on other qualifying information. Feel free to reach out to me for more information.

FHA Solar - Better than most Down Payment Assistance Programs!

You can join the green energy movement—without income limits or repayment requirements! You can receive up to $13,000 to help with your down payment, closing costs, or even future savings. Plus, you’ll enjoy competitive FHA interest rates!

🌿 Easy Solar Financing with FHA

FHA now makes it easier than ever for families to finance a new solar energy system when they buy a home!

✅ The full cost of a new solar panel system (including batteries and necessary roof repairs) can be added to an FHA-insured mortgage.
✅ Installation happens after closing—so no upfront hassle!

🔹 How It Works:

1️⃣ Get Pre-Approved – Your buyer applies for an FHA loan with a HOPER-approved lender. (Summit Lending has multiple lenders for this program!)
2️⃣ Complete an Online Course – A 6-8 hour self-paced financial education course.
3️⃣ Receive Your Funds – Once the course is done, the buyer gets up to $13,000 (or 3.5% of the home price)—held until closing.
4️⃣ Enjoy Tax Benefits – Solar installation makes buyers eligible for a federal tax credit worth $10,000–$15,000 on average!

🔹 Who Qualifies?

✔️ Available in 30+ states
✔️ Primary residences only (No condos or homes with existing solar panels)
✔️ No income restrictions
✔️ Open to first-time & repeat homebuyers

💡 Why This Matters to You:

• Lower energy bills – Solar panels can help cut monthly electricity costs.
• Protect against rising energy prices – Utility rates increase 6% per year nationwide, and in some states, even faster!
• Tax benefits – Interest on the full mortgage (including solar costs) may be tax-deductible.
• Big federal incentives – Thanks to the Inflation Reduction Act, buyers get a 30% federal tax credit on the system price (a $40K system = $12K tax credit!)
• Affordable payments – Solar system costs are spread over the 30-year mortgage with a locked-in rate.

This is a huge opportunity for buyers like you to save money, go green, and secure your future energy costs! Let me know if you have any questions—I’d love to help!

Theresa

(913) 705-0049