FHA Loan (Federal Housing Administration)
A FHA loan (Federal Housing Administration) is a mortgage that is insured by the Federal Housing Administration and must be issued by an FHA-approved lender. You can need a credit score of at least 580 to qualify for this loan. If your credit score falls between 500 and 579, you can still get an FHA loan as long as you can make a 10 percent down payment.
Example of an FHA Loan
As of this year, you can borrow up to 96.5 percent of the value of your home with this loan type. That means your down payment would be 3.5 percent. Your down payment can come from savings, a financial gift from family or a grant for down-payment assistance.
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Who Benefits from Federal Housing Administration Loans?
If you have a lower credit score – An FHA loan allows those who may not otherwise qualify due to a credit score for a loan to receive one.
If you are refinancing – If you are looking to refinance your current home, FHA loans can give you lower interest rates and home equity if your credit is not ideal.
Low or middle income borrowers – Since you don’t need to put 20 percent down or more, FHA loans are a great option for those with less savings.
To learn about our other loan programs, click here. We have first-time buyer programs and refinancing for existing homeowners. We offer these types of loans: ARM loans (Adjustable Rate Mortgage), Fixed Rate loans and Jumbo Loans and VA Loans (Veterans Administration Loans). Contact us to learn more about what we offer, and how we can customize a loan to your specific financial situation and housing needs.