Why you may benefit from an FHA home loan
FHA loans can be a smart choice for buyers with limited funds and marginal-to-average credit. The Federal Housing Administration (FHA) was created in 1934 to make it easier to purchase a residence or facility, even for buyers with limited capital and/or imperfect credit.
FHA loans are partially insured by the government, which reduces a lender’s risk and makes qualifying for the loan simpler. That means you may be able to make that purchase investment much sooner than you hoped. Give us a call and we’ll walk you through everything you need to know to find out if this is the right solution for you.
Key Features and Benefits of FHA Home Loans:
• You may qualify to buy with a low, 3.5% down payment.
• Credit scores from 620 are allowed for fixed-rate loans.
• Both fixed-rate and adjustable-rate mortgages (ARMs) are available.
• You may finance a single-family home, 2-4 unit property, modular home, condominium, or a Planned Unit
Development (PUD) property.
• Temporary buydowns may reduce your initial interest rate for 1-2 years.