FHA mortgage loans offer many benefits and protections that only come with FHA:
FHA loans Lowest Down Payment: FHA loans have a low 3.5% down payment and that money can come from a family member, employer or charitable organization as a gift. Other loan programs don’t allow this.
FHA loans Easier to Qualify: Because FHA insures your mortgage, lenders may be more willing to give you loan terms that make it easier for you to qualify.
FHA loans Approvals With Bad Credit: You don’t have to have a perfect bad credit score to get an FHA mortgage. In Fact if your looking for a bad credit mortgage lender, such as a bankruptcy, it’s easier for you to qualify for an FHA loan than a conventional loan.
FHA loans Approvals With NO Credit: You don’t even have to have a credit score. FHA offers a no credit score home loan to get an FHA mortgage. In fact, even if you have had credit problems, such as a bankruptcy, it’s easier for you to qualify for an FHA loan than a conventional loan.
FHA loans Costs Less: FHA loans have competitive interest rates because the Federal government insures the loans. And FHA allows the seller to credit up to 6% of your closing cost.
FHA loans Helps You Keep Your Home: The FHA has been around since 1934 and will continue to be here to protect you. Should you encounter hard times after buying your home, FHA has many options to help you keep you in your home and avoid foreclosure.
The FHA mortgage insurance program does is not the FHA mortgage lender nor does it set the interest rates on the mortgages it insures. For the best interest rate and terms on a mortgage, you should compare mortgages from several different lenders. In order to initiate the loan application process, please contact an FHA approved lender.
An FHA insured mortgage may be used to purchase or refinance a new or existing home, a condominium unit or a manufactured, townhouse or Villa.