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HUD Loans - Refinance or Purchase with an FHA Loan

Low rates on FHA loans

HUD Loan Benefits:

  • HUD Loans (FHA Loans) require only a 3.5% Down Payment to purchase a house.
  • You can Refinance up to 97.75% and take get cash to consolidate bills up to 95% of your home's value.
  • Credit Scores are less important when determining eligibility. Perfect credit NOT required.
  • The money used for a down payment can be obtained from a friend or relative as a gift.

What is a HUD Loan? Is it right for me?


HUD loans are mortgage loans that are insured by the US Government. They offer lower down payments and easier qualifying guidelines for borrowers. HUD Mortgage Loans are available to purchase a home or to refinance an existing mortgage loan.

HUD loans are FHA loans. FHA is the agency HUD created to insure loans for consumers and lenders. HUD loans are the easiest type of mortgage loan to qualify for because they don't depend as much on credit scores when making decisions. HUD guidelines are the most flexible qualifying quidelines of all mortgage loans. HUD loans appeal not only to borrowers with weaker credit scores and lower incomes. They appeal to a wide range of borrowers because of the flexibility and transparency.

HUD loans are the perfect solution for:

  • First-time home buyers
  • Borrowers with little money to put down when buying a new home
  • Regular people with less than perfect credit scores
  • People with little or no credit record
  • Current homeowners looking to do home improvements
  • Existing homeowners looking to consolidate bills or to cash-out some of the equity in their home.
  Purchasing a home with HUD:

HUD loans (FHA Loans) are the most popular type of mortgage loan for people looking to buy a home. One of the primary reasons is the low minimum down payment that HUD requires. With a HUD loan, you only need to put down about 3.5% of the purchase price. Compared to many conventional loan programs that require as much as 20% down, it is easy to see why HUD mortgage loans are a very attractive loan option when looking to buy a home.

HUD loans offer competitive interest rates, they don't rely solely on credit score for approval and are much more flexible for most borrowers.

Get up to 4 real offers from qualified HUD Lenders.

  How are HUD Loans different from conventional mortgage loans?

HUD loans are FHA Loan. They are one and the same. They are mortgage loans guaranteed by HUD (the Department of Housing and Urban Development.) This means that HUD will guarantee the loan. If the borrower defaults on the loan, HUD will pay part of the loan amount to the lender.

HUD loans are a great loan for first-time buyers, who usually have little money to put down, do not have an extensive credit history, or are having trouble qualifying for a Conventional mortgage loan.

  Who will most benefit from an FHA Loan?

A HUD loan is the perfect loan for people who do not have perfect credit or for people who need a lower down payment and lower closing costs. HUD Loan guidelines are much more forgiving of borrowers with a past bankruptcy. They also allow cash-strapped borrowers to obtain the down payment from a friend or relative as a gift.

A HUD loan is the perfect option for people who are first time home buyers or people with less-than-perfect credit records. HUD loans are not as dependent on a minimum credit score. This can be done because HUD mortgage loans are insured through through the US government. That makes a big difference to lenders and investors because it provides a sense of security against default that has not traditionally been offered with conventional loans.

A HUD loan isn’t a government loan or grant. The loan is a home mortgage you get from a regular lender. The differrence is that it is backed and insured by HUD. In the event of default on a HUD loan the lender gets paid from HUD's insurance fund. In essence, a HUD loan is a bank or mortgage company loan that is backed by a US government guarantee. In today's tight credit environment, the HUD programs make many programs available to borrowers that wouldn't normally be available.

  Refinancing your mortgage by using a HUD loan is also possible - and best of all, it doesn't have to be a HUD or FHA loan. HUD will refinance conventional loans too.

If you want to refinance your existing mortgage, you owe it to yourself to check out what HUD and FHA loans have to offer. Our HUD approved lending partners offer low rates and low monthly payments for qualified borrowers. Refinancing your existing mortgage with a HUD mortgage loan gives you the ability to cash-out when you refinance. With a cash-out refinance, you can receive up to 95% of the property value in cash... for anything you may need cash for.

So, put a swimming pool in your back yard, finish your basement, add an in-law suite, consolidate your credit card debt, pay for college or take a dream vacation. Go ahead, you deserve it. The cash you need is available through a HUD mortgage loan.

With a HUD loan, you’ll have access to the cash you need for the simple pleasures in life you deserve.

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* Click Here to See Our Assumptions
  • Mortgage rates could change daily.
  • Actual payments will vary based on your individual situation and current rates or lenders in our matching network.
  • Some products may not be available in all states.
  • Lending services may not be available in all areas.
  • Some restrictions may apply.
  • Based on the purchase/refinance of a primary residence.
  • We assumed (unless otherwise noted) that: closing costs are paid out of pocket; this is your primary residence and is a single family home; debt-to-income ratio is less than 45%; and credit score is over 720.
  • The lock period for your rate is 30 days.
  • If LTV > 80% PMI will be added to your monthly mortgage payment.
  • Max LTV for FHA is 97% for purchase and rate/term refinance - 95% for cash out refinance.
  • For FHA Loans if LTV > 80% - the payment will include a one time upfront mortgage insurance premium (MIP) at 1.5% of the base loan amount and a monthly MIP calculated at 0.50% of the base loan amount. The 0.50% monthly MIP will be paid until the loan reaches 78% LTV, provided the MIP has been paid for a minimum of 5 years. All loan amounts subject to FHA maximum loan limits in your area.
  • The example provided is a quote provided by one of the lenders in our matching program network. LenderQuotes.net is not a lender in any transaction. Rates & Terms are subject to change without notice.

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