When a home buyer has limited funds for a down-payment, the first thing many lenders will offer is an FHA loan. That’s a terrific option…sometimes.

NorthStar Home Funding has been in business long enough to know that not every low-down-payment buyer should be lumped into an FHA loan. The cost of FHA mortgage insurance has gone up significantly over the past several years, and a new rule effective in 2013 requires that the insurance must be maintained for the life of the loan.

Home-buyers normally opt for FHA loans because they don’t have enough money saved for the minimum down payment that most conventional loans require. But even those homeowners should explore their opportunities and NorthStar specializes in such programs.

Many conventional lenders are also offering low-down-payment loans that, depending on the circumstances, may be far more attractive than and FHA loan. Also, it is possible there are assistance programs offered for borrowers through state, county, or city agencies. NorthStar knows all the options.

The advantage of dealing with NorthStar Home Funding is the personal attention and experience that every customer receives from their loan representative. All the options – conventional and FHA – are on the table and the best choice is what’s best for the borrower.

Calling (800) 917-1595 will put you in touch with a friendly and knowledgeable NorthStar loan expert who will sit down with you and weigh all the options. Finding and funding the loan program that best meets your needs and goals is our primary responsibility.