Why top real estate producers rely on Keith Brown

"Keith Brown is the Fairfax mortgage lender I've counted on for years. His pre-approvals stick, he uses local appraisers, and his loans close on time." Learn more »

Why homebuyers trust Keith Brown

"Keith Brown got us a great rate on the right type of loan. When there was an underwriting issue, he solved it so we closed on time with no surprises." Learn more »

Call Keith at 703-449-6821 or GET STARTED TODAY!

NMLS ID#195682

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Which type of home loan or refinance is right for you?

How much mortgage can you afford? Are you eligible for a VA or FHA loan? What type of conventional mortgage programs might answer your needs? Are 5-7 year ARMs worth considering? What is a jumbo mortgage and what rate differences apply? How can I reduce or work around expensive Mortgage Insurance with a downpayment of less than 20%.

To find the right answers, Keith Brown looks at your credit, income, debt and how long you plan on being in your home.  He can then draw on the direct-lending resources of Intercoastal Mortgage to secure you the best rates and terms. You end up with a mortgage that’s the best fit for your budget and your plans for the future.

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FHA home loans

Federal Housing Authority (FHA) loans offer low down payments of just 3.5% and allows higher Debt Ratios than Conventional loans.  Generally the minimum credit score for a FHA loan is 620 but in some cases scores down to 580may be allowed. Non-occupant co-borrowers are allowed, and buyers do not have to have cash reserves. FHA loans are also available to non-permanent resident aliens.  The maximum amount of FHA loans is $679,650.  Keith Brown can help you determine your eligibility and secure the best program and terms for your unique situation

Pros:

-Low down payments. Down payment of 3.5% on loan amounts to $679,650.

-Higher debt rations allowed into the mid-50's.

-Non-Occupant Co-Borrowers are allowed to assist with qualifying.

-Gift funds can be used to cover the entire down payment and closing costs.

-If rates fall, the borrower may qualify for a Streamline Refinance that carries reduced closing costs, no appraisal and the borrower does not have to re-qualify for the mortgage.

-Shorter wait times for major derogatory items such as Foreclosures, Bankruptcies and Short Sales.

-Also available as a 5/1 ARM. FHA ARM's also have lower margins than Conventional loans. See the attached link to learn more about ARM programs. Click here for more information on ARM loans.

Cons:

-Expensive mortgage insurance (MI) is required regardless of the down payment amount. Mortgage insurance is broken into 2 parts: an Upfront Premium that is financed into the loan and a monthly premium. FHA's monthly MI is often more expensive than conventional loans.  

-Realistically you can only have one open FHA loan at a time.


About the FHA Mortgage Insurance:

The Monthly Mortgage Insurance Premium is calculated at .85% of the base loan amount and dividing that amount by 12 months to get the monthly amount. With down payments of 5% or more the monthly factor drops to .80%. Note: FHA requires monthly MI regardless of the down payment amount. On downpayments of less than 10% the Monthly Mortgage Insurance is paid for the life of the loan (until paid off or refinanced).  The Upfront Mortgage Insurance Premium is 1.75% of the base loan amount and is financed into the mortgage - thus does not have to be paid in cash.  There is no refund of this upfront premium even if the loan is paid off early.