Mid America Mortgage Services

Shake Hands with Mid America Mortgage Services

Call Us Today 573-875-1100
APPLY FOR A LOAN
  • Home
  • About Us
    • Testimonials
  • FAQs
  • Meet the Team
  • Home Loan Types
    • Adjustable Rate Mortgages
    • Construction Loans
    • Conventional Fixed Loans
    • First-time Homebuyer
    • FHA Loans
    • Jumbo Fixed Loans
    • Refinance Loans
    • Renovation Loans
    • USDA Loans
    • VA Loans
  • Apply for a Loan
    • Loan Application Requirements
  • Mortgages
    • Current Mortgage Rates
    • Mortgage Comparison
  • Resources
    • Loan Calculator
    • What to Avoid When Choosing a Lender
    • What Makes Up a Credit Score
    • How to Read Your Credit Score
    • How to Improve Your Credit Score
    • Public Schools Boundaries
  • Mortgage Blog
  • Contact Us
    • Glossary
You are here: Home / Our Tips / Benefits of FHA Loans

Benefits of FHA Loans

May 13, 2020 By Ralph Gates

Since its creation in 1934, The U.S. Federal Housing Administration (FHA) has insured over 47.5 million mortgages, enabling mortgage lenders to offer loans to individuals who may not have qualified for financing otherwise.

The FHA loan is backed by the government but it’s not from the government, so choosing a lender with expertise in FHA loans is important. We’ll go over some key benefits in this article, but don’t forget that you can always call Mid America Mortgage at 573-875-1100 if you’re contemplating an FHA loan.

Lower Down Payment

A down payment of only 3.5% is required at closing for FHA loans if the FICO credit score is 580 or higher. When you contrast this with a conventional mortgage down payment—which is usually between 5-20%— FHA loans are especially appealing for borrowers who may not have substantial cash reserves.

Lower Credit Score

It can be difficult to get conventional financing when your FICO credit score hovers at or below 620, but FHA loans have different guidelines; applicants may be able to qualify with a credit score as low as 580. However, you don’t have to have lower scores to take advantage of an FHA loan; many borrowers with excellent credit find advantages in pursuing FHA financing.

Moderate Income

There is no minimum (or maximum) income requirement for an FHA loan. You must be able to substantiate your earnings, but a Mid America Mortgage loan officer can help walk you through the necessary documentation.

Gift Funds for Down Payment OK

FHA financing allows for gift funds to be used for the down payment and closing costs—a nice feature that conventional loans typically exclude.

There are many other benefits and requirements for an FHA loan. Please contact us to find out if an FHA loan can help you with your purchase or refinance. When you work with Mid America Mortgage, you stand firm on our long history of excellence in residential mortgages and our commitment to competitive rates and outstanding service. We’ve been serving generations of homebuyers since 1984. Let us guide you every step of the way!

Filed Under: Our Tips

Contact Us Today

Mid America Mortgage Services, Inc, NMLS #1142067
200 E Walnut St.
Columbia, MO 65203

Phone: (573) 875-1100

"*" indicates required fields

Name*
This field is for validation purposes and should be left unchanged.

Loan Calculator

"I have had mortgages since 2004 in Columbia and have gone through a couple of banks, but over the last several years, the last couple of houses have been with Mid America Mortgage Services, Inc. Michelle has told us many times, 'I am not going to put you in a situation I am not comfortable with you being in, regardless of what it means for our company'.

Heidi always has a smile on her face and when you walk through the door, they recognize you and say “Hi”. I definitely recommend anyone who is in the home buying, purchasing, refinancing, upgrading business to go to Mid America Mortgage Services, Inc, ask for Michelle because they are going to be the best person you can work with."

John

"When we were 18 and 19 years old no one wanted to help us get started. But Michelle took us under her wing 6 years ago next month. There is a lot of people out there that could of taken advantage of us many of times because we had no idea what was going on. For Michelle to stand beside us and walk us through, and not let us get into something that could get us in a lot of trouble means the world. We thank Michelle and we are extremely blessed to be able to work with her and her team. I have never even thought about talking to another lender and will always be loyal to Mid America Mortgage Services, Inc."

Cody and Morgan

"My wife and I have moved around quite a bit with my job so we have been through the process before, but we have never had anybody help us as much as Michelle West Mid America Mortgage Services, Inc did. We needed a loan for a new construction home and they were able to help us out with all of our needs and make us feel comfortable with what we were doing moving forward. They did a good job of walking us through the paperwork to make sure that we were pre-approved for a certain amount."

Jason

"I’m a very loyal customer at Mid America Mortgage Services, Inc. I have an addiction to building houses and designing them, and they are always right there with me every step of the way helping me get the best loan product and the best rates whenever I am ready to build. They make sure you don’t get a loan that you can’t afford. The whole process was very smooth. I would recommend Mid America Mortgage Services, Inc to anyone because they are always there to teach you, help you, and make it easy for you every step of the way."

Kate

"They really explained the process to us very well and made us feel very comfortable, specifically Jeanie Byland. I have never asked a question that I felt dumb about. They really wanted to educate us and have been fantastic. The interest rates changed one day and they called me to say, ‘Hey we might ought to look into refinancing your loan’. I really felt like they had our best interest at heart."

Steve

"One of the main things that I loved about Michelle was she was so organized. She would meet us at any location she needed to, and to be honest she had the absolute lowest interest rate. They were always very transparent with fees so there were no surprises. Michelle was always super easy and we would always run in talk to her even it was for a few minutes. The best thing was the process was very, very smooth."

Chris and Jamie

Michelle, I want to thank you for all of your efforts on the loan. I never knew how much information the needed! I appreciate your personal nature and ease of working together. Thank you for making this happen! :)

Amy

"I knew Jeanie Byland for a long time. She made the process so easy. One of the things I probably appreciated the most was that she didn't want to spoil the excitement of closing on a new house by showing up on closing day finding out that we owe a lot more than we thought. They were upfront with that information right from the get-go, and that’s because it’s just like they say, ‘They wouldn’t put you in a loan that they would be comfortable taking themselves.’”

Jamie

Selling our home of 17 years and building a new home was a very emotional time for our family. We were ready for the next adventure in our lives but knew there were numerous steps involved. The search for a mortgage officer was simple, Michelle was our choice. Her guidance and knowledge made the process as easy as possible. When we had questions, she was always there to give us an answer and discuss our options. The employees of Mid America Mortgage Services, Inc like Michelle will keep us returning for our mortgage needs.

Chad and Julee

"My family owns Tiger Ice Company. My experience with Ralph at Mid America started with Tiger Ice because we needed to expand our facility. When we went in to talk to Ralph at Mid America, he pretty much was straight up with us and told us we needed to go back to the drawing board. We came back with new numbers and a new plan, and we built the facility and everything was fine. Our dream of that would not have been possible at all without Mid America Mortgage Services, Inc and Ralph. They don’t tell you what you want to hear, they tell you the truth and that's what we weren't getting from other banks."

Andy


Phone: (573) 875-1100
200 E Walnut St, Columbia, MO 65203

 

  • Home
  • About Us
  • Meet the Team
  • Apply for a Loan
  • FAQs
  • Mortgage Blog
  • Contact Us

Copyright © 2025 · Site by Zimmer Communications Zimmer Communications logo