*disclaimer: Not all individuals will qualify for each loan type and/or scenario. Please contact me to see if you'd qualify for these loan products and/or discuss your options.
FHA Loans are popular loans for first time home buyers, and borrowers who may need more leniency than a loan product such as a conventional loan could provide. Below are a few facts and requirements that are important to keep in mind when looking to do a FHA loan.
FHA loans are insured by the Federal Housing Administration. The FHA allows more borrowers to qualify for home financing while protecting lenders from risk.
At least a 3.5% down payment is required when purchasing a home with an FHA loan.
According to the FHA's website, "FHA requires both upfront and annual mortgage insurance for all borrowers, regardless of the amount of down payment."
FHA is more lenient than other loan programs when reviewing borrowers who have had past credit issues. Depending on your credit score, will determine what a borrowers down payment will need to be.
In most cases, FHA loans come only in periods of 15 or 30-years.
If you're looking into FHA loans, please feel free to reach out and lets chat about how we can help you get into your future home!
*disclaimer: Not all individuals will qualify for each loan type and/or scenario. Please contact me to see if you'd qualify for these loan products and/or discuss your options.
Brayden Ramsay NMLS #1997195
Momentum Loans NMLS #1606597
Comentários