Is there a loan officer you're looking to apply with?

Please create an account to get started!

Apply Now

Let's get started.

Please select your state:

6 Tips On How To Apply For A FHA Loan

It’s a challenging journey to buy a home when you have a limited budget or a lower credit score. However, it shouldn’t discourage you from purchasing your comfortable home because an FHA (Federal Housing Association) loan may be an option for you to consider. FHA loans are designed to specifically aid people with small down payments and low credit scores to be eligible for a mortgage. Wondering how to apply for an FHA loan? Keep on reading and find out 6 tips that you may need when applying for an FHA loan.

Look into your Credit Score

To determine your eligibility for an FHA loan, you need to check your credit score. Generally, the minimum credit score requirement is 580, but some lenders may need a much higher score. To get started, look into your credit score and improve it if needed before you apply for an FHA loan.

Save for a Down Payment

Although FHA loans only require you to have a lower down payment, you still need to save up for one. Try to obtain at least 3.5% of your target home’s purchase price to meet the minimum requirement of the FHA loan.

Gather Copies of your Recent Financial Documents

Financial documents like bank statements, pay stubs, and tax returns may help prove your income, assets, and employment history. You need to present these documents to the lender for them to assess your financial situation. Ensure that you have all the required documents before starting your application to increase your chances of getting approval.

Scout for Multiple Lenders

Be on the lookout for multiple lenders such as banks, credit unions, and mortgage companies. FHA loans are available almost everywhere and you have to compare rates and terms to get the best loan that fits your needs and goals.

Get Pre-Approved

Getting pre-approved helps you calculate how much money you can borrow. It’s also to aid you in getting an idea of how your monthly payments will be. With this, you can narrow down your home search and make your home-buying journey smooth.

Hire a Real Estate Agent

If you are new to the home-buying process, it’s best to work with a real estate agent that can help you look through your needs and goals. A knowledgeable real estate agent should guide you with advice on how to apply for an FHA loan. However, ensure that you look for an agent who has a background with FHA loans that can help you search for a home that meets your limited budget.


Getting an FHA loan is recommended for people who want to purchase a home but have a low credit score and a limited budget. Following the tips above may increase your chances of getting approval for an FHA loan. Ensure you do enough research and find the best option that fits your needs and goals. Furthermore, be prepared before applying and becoming a new homeowner soon. Need more guidance on applying for an FHA loan? Contact us at Mann Mortgage now!

7 Steps To Refinance our FHA Loans

Refinancing an FHA loan can be a smart financial move for many homeowners. Since FHA loan is insured by the Federal Housing Administration, they offer more lenient credit requirements, a lower down payment, and a lower interest rate than conventional mortgages. Therefore, If you’re looking to save money on your monthly mortgage payments, FHA refinance may be a good option. Refinancing an FHA loan can help you to lower your interest rate, access equity, and reduce your monthly payments. If you think this suits your needs, then here are 7 steps to refinancing your FHA loans:

Find Out your Credit Score

Before you start the refinancing process, check your credit score. Your credit score is a critical factor that assesses whether you qualify for refinancing and what interest rate you get. If your credit score is not in the qualified range, take extra steps to improve it before you apply.

Find Out your Home’s Value

The next step is to determine your home’s value. You can do this by getting a professional appraisal or using online home valuation tools. The value of your home determines how much equity you have, which affects your ability to refinance.

Collect your Financial Documents

To refinance your FHA loan, you will need to provide some documentation. They will need a document of your income, employment history, and other financial information. Gather your most recent tax returns, pay stubs, and bank statements as these can help your process run smoothly. You may also need to provide documentation of any outstanding debts or liabilities.

Scout for Lenders

Scout and compare lenders to find the best refinance rates and terms. Check out their rates, fees, and customer reviews to find the right lender for you. Keep in mind that you should not just go for the first lender you meet. Widen your options.

Choose your Refinancing Option

There are several options for refinancing your FHA loan. You can choose a streamlined refinance, which allows you to refinance your existing FHA loan with minimal documentation and without an appraisal. Or, you can opt for a cash-out refinance, which allows you to access the equity in your home and receive cash at closing.

Apply for Refinancing

Once you have chosen your lender and refinancing option, start applying for refinancing. You will need to provide your lender with your documentation and wait to complete the application process. Your lender will then review your application and determine whether you qualify for refinancing.

Close your Loan

If your application is approved, you will need to close your loan. This involves signing the necessary paperwork and paying any closing costs or fees so you can start making payments on your new mortgage.


Refinancing your FHA loan can be a smart financial move, but it’s important to take the time to understand the process. You may need to exert more time and effort to choose the right lender and refinancing option for you. Moreover, by following the steps above, you can refinance your FHA loan and potentially save money on your monthly mortgage payments. Feel free to contact us at Mann Mortgage for any questions related to loans.

A Guide To Dropping And Removing PMI On An FHA Loan

If you are considering purchasing a home, you may want to look into an FHA (Federal Housing Administration) loan. FHA loans offer many benefits, such as low down payment requirements and flexible credit score guidelines. However, one potential drawback is having private mortgage insurance (PMI). PMI is mandatory for all FHA loans and can add hundreds of dollars to your monthly mortgage payment. This can be a huge burden for you especially if you are on a tight budget. If you find yourself in this spot, don’t worry! Fortunately, there are ways to drop and remove PMI on an FHA loan. In this article, we have put together a guide on how to get rid of PMI on an FHA loan. Here’s what you need to know:

Understanding Private Mortgage Insurance on an FHA Loan

First things first, it is important for you to understand what PMI is and why is it required for FHA loans. PMI is a form of protection for lenders if a borrower defaults on their loan. With an FHA loan, PMI is required for the life of the loan, unless you take steps to remove it. The amount of PMI you pay depends on the size of your down payment and the total loan amount. For example, if you put down less than 10% on an FHA loan, you’ll pay PMI for the life of the loan.

Dropping Private Mortgage Insurance on an FHA Loan

There are a few ways to drop PMI on an FHA loan. The best option is to make a larger down payment. If you put down at least 10% on an FHA loan, you’ll only have to pay PMI for 11 years. If you put down 22% or more, PMI will be automatically removed. Another option is to refinance your FHA loan into a conventional loan. Avoid PMI altogether if you put down at least 20%. However, bear in mind that refinancing comes with its own costs and fees. Always do your research and compare the costs and benefits before making a decision.

Removing Private Mortgage Insurance on an FHA Loan

If you cannot drop PMI on an FHA loan, you can still take some steps to remove it. Once you have paid off at least 20% of your loan, you can request your lender remove PMI. But you may need to meet certain criteria, such as making on-time payments and having no late payments in the past year. Your lender may also require an appraisal to determine the current value of your home.

Final Thoughts

Private mortgage insurance can add a significant amount to your monthly mortgage payment, so it’s important to understand your options for dropping and removing it on an FHA loan. By making a larger down payment, refinancing into a conventional loan, or paying off a portion of your loan, you can potentially save hundreds of dollars each month. Again, it’s best to do your research or consult with a professional before you make any informed decision. Not sure where to start? You may contact us at Mann Mortgage and we’ll be glad to help you out.

A Guide To Financing Your Dream Home With VA Construction Loans

As a veteran or active-duty military member, you deserve the opportunity to build your dream home without worrying about financing. With a VA construction loan, you can achieve that goal with ease. In this comprehensive guide, we’ll take you through everything you need to know about VA construction loans, from the benefits to eligibility requirements and the loan process. Let’s break down the specifics so you can understand the benefits of choosing a VA construction loan over other options.

What are VA Construction Loans and How Do They Work?

First, let’s start with the basics. What are VA construction loans and how do they work? Unlike traditional loans, VA construction loans offer flexible terms, no down payment requirement, and competitive interest rates.

Benefits of VA Construction Loans

Speaking of benefits, let’s dive deeper into why VA construction loans are the ideal choice for veterans and active-duty military members. VA construction loans offer a multitude of benefits for military service members and veterans who are looking to build their dream homes. Firstly, these loans provide a streamlined process for financing new construction, with lower down payment requirements and competitive interest rates. Additionally, VA construction loans offer flexibility in terms of customization, allowing borrowers to design a home that meets their unique needs and preferences. Perhaps most importantly, these loans are designed to support those who have bravely served their country, providing an opportunity to build a home that reflects their sacrifice and commitment.

Eligibility Requirements

Your credit score and debt-to-income ratio are two critical factors that lenders consider when evaluating your eligibility for a conventional loan. Having a good credit score shows lenders that you’re responsible with your finances, while a low debt-to-income ratio indicates that you can manage your debt payments.

Of course, not everyone is eligible for a VA construction loan. Eligibility requirements include meeting minimum service requirements, having a good credit score, and demonstrating the ability to repay the loan. We’ll walk you through the requirements to help you determine if you’re qualified to apply.

Loan Process

Once you’ve determined your eligibility for a VA construction loan, the loan process can begin. Don’t worry; it’s not as daunting as it may seem. The first step is pre-approval, where you’ll provide necessary documents and information to the lender, who will evaluate your financial status and determine your loan amount. Next, it’s time to fill out the loan application and wait for the lender to review it. The underwriting stage follows, where the lender will verify your income, employment history, and other financial details. If everything checks out, you’ll receive loan approval, and the construction of your dream home can begin. During the construction phase, the lender will disburse funds to the builder as they complete specific stages of the project, ensuring that you’re only paying for work that’s already been done.

To qualify for a VA construction loan, you must meet specific eligibility requirements and go through a comprehensive loan process. Contact us and visit us at Mann Mortgage to learn more about how to obtain a VA construction loan and make your dream home a reality.

A Guide To Financing Your Home Improvements With VA Renovation Loans

If you are a veteran or active duty service member looking to finance your home improvement projects, you should look into VA renovation loans. This type of loan is designed to help veterans and military families make essential repairs and upgrades to their homes while keeping their monthly payments affordable. Start your home improvement project by understanding how to finance it by applying for a VA renovation loan. Here is a guide to financing your home improvements with VA renovation loans.

Understand the VA Renovation Loan Process

These loans are made by private lenders and insured by the Department of Veterans Affairs (VA). A VA renovation loan is specifically designed for veterans and service members to finance their home improvement projects. Here is a brief VA renovation loan process usually goes:

  • Start searching for a VA-approved lender who offers renovation loans.
  • Apply for the loan and provide the proper documentation of your home improvement project.
  • Once the loan is approved, the lender will disburse funds for your renovations
  • VA Renovation Eligibility

    To be eligible for a VA renovation loan, you must be a veteran, active duty service member, or eligible surviving spouse. You must also meet the credit and income requirements set by the lender. Furthermore, the improvements you plan to make must be considered “permanently affixed” to the home, meaning they can’t be easily removed or taken with you if you were to move. Some examples of eligible improvements include replacing the roof, adding a room, or upgrading the HVAC system.

    Know what Improvement you Want to Make

    It is vital for you to have a clear idea of what improvements you want to make before applying for a VA renovation loan. This aids you to find out how much you need to borrow and ensures that the improvements you want are qualified for financing. Try making a list of the improvements you want to make and get an approximation from contractors to help you determine the total cost of the project.

    Work with a VA-Approved Lender

    To make the process fast and smooth, it’s essential for you to work with a VA-approved lender who has experience with renovation loans. They can guide you through the process and answer any questions you may have. Be sure to compare rates and terms from multiple lenders before choosing the best one for you to work with.

    Plan for the Repayment of the Loan

    Just like a conventional loan, you will need to repay your VA renovation loan over time with interest. Don’t forget to include it in the monthly payments when planning your budget and determine whether you can afford them or not. At the same time, the improvements you make to your home may increase its value, which can help offset the cost of the loan in the long run.


    VA renovation loans can be a great option for veterans and military families who look forward to financing their home improvement projects. With the help of a VA-approved lender, you can get funds to make the essential repair and upgrades to your homes while keeping your monthly payments affordable. However, it is crucial for you to have a clear idea of the improvements you want to make and work with a reputable lender who can guide you through the process. Be sure to contact us at Mann Mortgage if you have any more questions.

    A Step-By-Step Guide For FHA First-Time Home Buyers

    Are you a first-time homebuyer, and the process of purchasing a house seems overwhelming? First-time homebuyers often face challenges in securing financing due to a lack of credit history and down payment funds. An FHA loan provides a solution with low down payment requirements and relaxed credit score standards. We’ll break down the specifics of how FHA loans work and why they’re a great option for first-time homebuyers. Don’t let the stress of buying your first home hold you back – let us guide you through the process with ease.

    Understanding FHA Loans: A Brief Overview

    FHA loans are government-backed mortgage that provides a more accessible and cheap choice for first-time homebuyers, people with low incomes, and people with less-than-perfect credit. Because these loans are insured by the Department of Housing and Urban Development (HUD), lenders may have laxer restrictions for applicants’ credit and income.

    FHA loans require a minimum down payment of just 3.5% and have more flexible credit score requirements compared to traditional loans, making them an attractive option for those who may not have a substantial down payment or have a lower credit score. Additionally, FHA loans also have a more lenient debt-to-income ratio requirement, which means borrowers can qualify for a higher loan amount based on their income

    Qualifying for an FHA Loan as a First-Time Homebuyer

    The first step in qualifying for an FHA loan is to determine your credit score and review your credit report to ensure there are no errors. You’ll need a minimum credit score of 580 to qualify for the 3.5% down payment option. If your score is lower, you may still be eligible but may need to put down a higher down payment.

    Next, you’ll need to provide proof of income, typically in the form of pay stubs, W-2s, and tax returns. You’ll also need to demonstrate that your debt-to-income ratio (DTI) is manageable, meaning that your monthly debt payments (including your mortgage payment) are not more than 43% of your monthly income.

    It’s important to note that FHA loans also have specific property requirements. The property you’re purchasing must meet minimum standards for safety and livability, and it must be your primary residence. You’ll also need to have a home appraisal to ensure that the property is worth the amount you’re borrowing.

    Finding the Right FHA Lender

    When researching lenders, be sure to compare interest rates, fees, and terms. Others may have higher interest rates but lower costs, while some lenders may offer lower interest rates but higher fees. Additionally, some lenders may have more flexible terms or be more willing to work with borrowers who have lower credit scores.

    Once you’ve found a lender you’re interested in working with, be sure to ask them about their FHA loan experience and the loan process. A good lender will be able to explain the requirements and guide you through the process to ensure a smooth and successful home-buying experience.

    At Mann Mortgage, we recognize the value of an easy and fruitful home-buying or refinancing process. Don’t be hesitant to get in touch with us if you’d like additional details, and allow us to help you confidently achieve your dream of becoming a homeowner.

    Answering 5 Common Questions About Mortgage

    Are you planning to buy a home but don’t know where to start? Homebuying can be a tedious process and many people start asking questions about mortgages. Now, mortgages are always a difficult topic and it’s crucial to know the answers to the questions related to it. Mortgages don’t have to be scary and confusing when you’re starting your homebuying journey. Therefore, in this blog post, we are answering 5 common mortgage questions for you.

    What is a Mortgage?

    Surprisingly, this question is still very common because many people are unaware of what it means. Simply put, a mortgage is a loan that you take out from a lender to buy a property and you have to pay it back with an interest rate. Moreover, you are bound to a legal agreement with your lender that you pledge your property as collateral for the loan. This means that in any case, if you fail to pay back, your lender has every right to claim your home and sell it to recover the outstanding debt. Additionally, reverse mortgages are another type of mortgage where the lender pays the borrower and are eligible for homeowners aged 62 years old and above.

    How do I Get a Mortgage?

    You will need to apply for a mortgage from a lender, typically a bank or a mortgage broker. They usually have to assess your income, credit score, and other factors. By doing this process, lenders are evaluating your eligibility for a mortgage and how much you can borrow from them. Here are some steps that you may follow to get a mortgage:

    • Determine how much you can afford
    • Scout for potential lenders
    • Submit a mortgage application
    • Get pre-approved
    • Choose a property and make an offer
    • Close the mortgage

    What is the Difference Between a Fixed-rate and an Adjustable-rate Mortgage?

    As mentioned above, you need to pay back your lender with an interest rate. A fixed-rate mortgage means that the interest rate stays the same until you have fully paid your lender. On the other hand, an adjustable-rate mortgage starts with a lower interest rate but can fluctuate over time.

    What is a Down Payment?

    This refers to the amount of money that you can initially pay when buying a home. A lot of lenders usually require a 5% down payment on the property’s purchase price. For instance, if the property costs one million dollars, your lender may ask you to pay at least 50,000 dollars upfront. Furthermore, you may get better mortgage rates and reduce your monthly payments if you have a larger down payment.

    What is a Pre-Approval?

    This is when a lender assesses your financial information such as your income and credit score. By doing this, they evaluate how much money you can borrow. A pre-approval is a step for you to understand how much you can afford to spend on a property and make your offer attractive to sellers.


    Always bear in mind that mortgages are a vital aspect of your home-buying process. It’s important for you to understand what their purpose is and how would it serve you. Understanding the very basic concept of mortgages can help you make sound decisions. Navigate the mortgage process with ease and confidence before you start the journey of getting your dream home. Need more information about mortgages? Don’t hesitate to contact us at Mann Mortgage!

    FHA Loan Income Requirements: What You Need To Know To Qualify For A Loan

    Owning a home is a dream for many, but the financial aspect of it can be intimidating. The good news is that the Federal Housing Administration (FHA) provides an excellent financing option for those who don’t have a lot of cash on hand or have less-than-perfect credit. However, to qualify for an FHA loan, you need to meet specific income requirements. In this comprehensive guide, we’ll walk you through everything you need to know about FHA loan income requirements.

    What Are FHA Loans, and How Do They Work?

    Before diving into income requirements, let’s go over the basics of FHA loans. FHA loans are government-backed loans that require a lower down payment and credit score compared to conventional loans. They’re designed to make homeownership more accessible for individuals and families who may not have the financial means to purchase a home otherwise.

    Why Income Matters for FHA Loans

    Your income is one of the most important factors that lenders consider when evaluating your eligibility for an FHA loan. To qualify for an FHA loan, you must be able to demonstrate that you have a stable source of income and that your income is sufficient to cover your monthly mortgage payments. They will use a calculation called the debt-to-income ratio (DTI) to determine if you have enough income to afford the mortgage payment, as well as your other expenses.

    Minimum Income Requirements for FHA Loans

    While there is no minimum income requirement for FHA loans, you will need to show that you have a steady source of income that is sufficient to cover your monthly mortgage payments. The maximum DTI allowed for FHA loans is 43%, although some lenders may allow higher DTIs under certain circumstances.

    Other Factors That Affect FHA Loan Eligibility

    While income is an important factor in determining your eligibility for an FHA loan, there are other factors that lenders will consider as well. These include your credit score, employment history, and debt-to-income ratio. The majority of lenders still want a minimum credit score of 580 when it comes to credit ratings. Borrowers with lower credit scores may still be eligible for an FHA loan, but they may need to make a larger down payment or pay higher interest rates. For employment history, they just want to see if you have a stable source of income. You might also be required to show some documents to prove you’re indeed employed. Lastly, as mentioned earlier, the maximum DTI allowed for FHA loans is 43%.

    How to Improve Your Chances of Qualifying for an FHA

    Understanding the income requirements for FHA loans and how lenders evaluate your eligibility can better prepare you for the home-buying process and increase your chances of approval. With the help of a trusted mortgage advisor, you can navigate the requirements and find the best loan option for your unique financial situation.

    At Mann Mortgage, we understand the importance of a smooth and successful home-buying or refinancing journey. Don’t hesitate to contact us for more information and let us assist you in achieving your homeownership goals with confidence.

    How Conventional Loan Credit Scores Affect Your Mortgage

    When it comes to your home-buying journey, one of the most critical factors that affect your ability to secure a mortgage is your credit score. If you’re considering applying for a conventional loan, it’s vital for you to understand how your credit score affects your mortgage. In this blog post, we will explore how conventional loan credit score affect your mortgage. From knowing what a conventional loan is to what steps to take to improve your credit scores, it’s important that you learn all these before starting your application.

    What is a Conventional Loan?

    For starters, conventional loans are offered by private lenders such as banks, credit unions, and mortgage companies. These loans generally require higher credit scores than government-backed loans like FHA or VA loans.

    Credit Score Requirements for Conventional Loans

    The set of requirements varies for each lender when it comes to credit scores for conventional loans. However, in general, most lenders require you to have  a credit score of at least 620 to qualify for a conventional loan. Moreover, if you want to receive the best interest rates and terms, you’ll need a credit score of 760 or higher.

    Impact of Credit Scores on Interest Rates

    Your credit score has a direct impact on the interest rate you will receive on a conventional loan. The higher your credit score, the lower the interest rate you’ll receive. For example, if you have a credit score of 760 or higher, you might qualify for an interest rate of 3.5%. However, if your credit score is 620, you might only qualify for an interest rate of 5.5%. Over the life of a 30-year mortgage, the difference in interest rates can add up to tens of thousands of dollars.

    Credit Scores and Loan Amounts

    Your credit score also plays a role in the amount of money you can borrow for a conventional loan. Lenders use a formula called the debt-to-income (DTI) ratio to determine how much you can afford to borrow. The DTI ratio compares your monthly debt payments to your monthly income.

    How to Improve Your Credit Score

    If your credit score is no’t where it needs to be to qualify for a conventional loan, there are steps you can take to improve it. Here are the things that you could do to improve your credit score:

    • Gradually pay your debts
    • Always make payments on time and dont miss it
    • Dispute any errors on your credit report
    • Avoid applying for new credit cards or loans since each application can temporarily lower your credit score.


    Your credit score plays a significant role in your ability to secure a conventional loan and the interest rate you will  receive. By understanding the impact of your credit score on your mortgage, you can take steps to improve your credit score and increase your chances of getting approved for the loan you need to buy your dream home. With the right financial planning and a little effort, you can achieve your homeownership goals and build a strong financial future. Need help regarding conventional loans? Don’t hesitate to contact us at Mann Mortgage.

    How Does A Reverse Mortgage Work?

    As we grow older, we start worrying about our financial security, especially near retirement. We want to secure enough money to live our golden years without worrying about our finances. Many seniors consider getting an attractive option like a reverse mortgage to be financially secure. You may start wondering: what is a reverse mortgage and how does it work? Well, reverse mortgages are different from conventional mortgages. In this blog post, we will explore what reverse mortgages are so you have a clear understanding before taking one out.

    What is a Reverse Mortgage and How does it Work?

    For starters, reverse mortgage allows people aged 62 and older to borrow money against the current equity of their home. This eliminates the need for borrowers to make a monthly payment and the loan is repaid when they move out of their home, sell it, or when they meet their untimely demise. The lender may evaluate how much can be borrowed based on the borrower’s age, their home’s value, and the interest rate.

    What are the Requirements to Qualify for a Reverse Mortgage?

    As previously mentioned, the borrower must be at least 62 years old. If your home is owned jointly, then at least one of the borrowers meets the minimum age requirement. Aside from age, there are other requirements to make you eligible for a reverse mortgage, and here are some of them:

    • Homeownership: You must own a house or have a significant amount of equity in it. If your home still has a mortgage, you will have to pay it off with the proceeds from the reverse mortgage.
    • Primary Residence: You must live in your primary residences for at least 6 months. Keep in mind that your vacation homes or rental properties are not eligible for a reverse mortgage.
    • Property Condition: Your home must be in good condition and should adhere to the property standards of the Federal Housing Administration (FHA). There must be no structural damage and no health and safety hazards.

    Benefits of a Reverse Mortgage

    The key benefit of a reverse mortgage is that it enables you to access the equity of your home without having to sell it. A reverse mortgage is beneficial for seniors who have limited income and may need additional funds for their healthcare and home repairs. Furthermore, if you get a reverse mortgage, you are still the owner of your home and you can continue to live in it as long as you want.

    Risks of a Reverse Mortgage

    Although there are benefits to a reverse mortgage, you must also keep in mind that there are risks that you need to be aware of. For instance, the interest on a reverse mortgage may accumulate over time and can significantly reduce your home’s equity. At the same time, if you choose to move out or pass away, the loan must be repaid if your heirs want to keep your home.


    If you’re a senior, a reverse mortgage can be an excellent option for you to secure your financial future. However, it’s vital that you understand the requirements for qualification as well as the risks that come with it. With the right knowledge and guidance, you can enjoy your additional funds while living in your home. If you are interested in applying for a reverse mortgage, feel free to contact us at Mann Mortgage.

    Get Started in Less Than 10 Minutes

    Get pre-approved with our online mortgage application. It’s simple, fast & secure!