FHA Loan

What is an FHA Loan?

For starters, An FHA Loan is provided by the US Federal Housing Administration. FHA loans are particularly beneficial because they allow borrowers to receive affordable and accessible financial assistance when purchasing a home.

For borrowers with a credit score of 580 or higher, the FHA allows a down payment of just 3.5% of the total cost of the home. For those with a credit score between 500-579, a 10% down payment is required to be approved for a loan.

FHA Loan Benefits

An FHA loan is one of the most attainable home loans on the market.

Why?

Whether you’re in the market for a new home or seeking financial assistance to help renovate your current one, FHA loans can offer funding for your residential goals.

Qualifying for an FHA Loan

Before applying for an FHA loan, there are a few things that you should know. . .

Once approved for an FHA loan, it is required to have an appraisal and credit report performed. A closing cost may also be required, depending on whether the home seller chooses to cover the closing costs or not. Keep these items in mind and be sure to ask your trusted lending professional if you have any questions along the way. Being prepared will help save you both time and effort.

For more information about FHA loans, please get in touch with our team today! We’d be happy to help you learn more about the benefits, qualification requirements, and more.

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