FHA-Insured Loans is now the leader in originations throughout the United States. They have historically allowed lower income Americans to borrow money for the purchase of a home that they would not be able to afford otherwise.
With flexible qualification guidelines, these loans are particularly designed to benefit first-time homebuyers and buyers who don’t have perfect credit or a lot of money to put down.
Features and Benefits of FHA Loans:
- Low down payments
- Fixed-Rate and Adjustable-Rate Mortgages available
- 100% gift funds acceptable for down payment and closing costs
- Pay your mortgage anytime with no prepayment penalties
- Flexible qualification guidelines
- Your actual payment will vary based on your situation and the current interest rates when you apply. Curious about what your monthly payment would be on an FHA-Insured Loan? Check out our monthly payment mortgage calculator.
FHA loan qualification requirements:
- Credit scores as low as 580 may qualify (with systems to improve to 640)
- Buy a home with as little as 3.5% down (primary home)
- Refinance up to 96.5% of your primary home’s value
- Non-occupying Co-Borrower allowed
For more information or to see if an FHA-Insured Loan is right for you, please contact one of our mortgage consultants.