What is an FHA loan?
FHA loans are insured by the Federal Housing Administration and can be a great option for people who would normally find it difficult to qualify for a mortgage due to their income level, credit history, or their ability to put down a sufficient amount of down payment. For borrowers with a credit score of 580 or higher, these loans allow a down payment of just 3.5% of the total cost of the home. For those with a credit score between 500 and 579, a 10% down payment is required.
What are the benefits?
FHA loans are intended to help first-time home buyers secure the finances they’ll need to purchase their new home. These loans are some of the more attainable on the market that are able to offer extended benefits such as affordable down payments and less-strict credit score requirements for those who qualify. FHA Loans can be a fantastic solution is you’re looking to purchase a new home or renovating your current home.
What is required to receive an FHA loan?
There are a few key things to remember before applying for your FHA loan. If you are approved, you will be asked to supply the results of an appraisal and a credit report. Depending on your circumstances and relationship with the home seller, they may choose to cover these costs on behalf of the buyer.
Why should you choose Mortgage Possible?
Our team offers a 24-hour loan center to ensure applicant convenience for future home owners who don’t have time to apply for a loan during regular business hours. We’re here to make the application process as seamless as possible and offer the necessary tools to help along the way. We offer our clients suitable loan options for their needs and financial situations as well as quick loan approvals to keep help our clients meet their closing deadlines. Our team members are well-versed in FHA loan rules and requirements and will ensure that you are knowledgeable about our mortgage process prior to committing to a loan.
For any questions about the FHA loan process or any of our other home loan services, give our team at Mortgage Possible a call to speak to a local team member who can answer all of your home loan questions. Contact Us Today!