HOW FHA CAN FHA HELP YOU QUALIFY FOR A MORTGAGE?
FHA insured lenders offer many benefits and protections that only come with an FHA mortgage:
- Lowest Down Payment: FHA mortgage 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.
- Easier to Qualify For: Because FHA insures private FHA mortgage lenders allowing them to provide you loan terms that make it easier for you to qualify.
- Bad Credit: You don’t have to have a perfect credit score to get an FHA mortgage. In fact, even if you have had credit problems, such as a foreclosure or bankruptcy, it’s easier for you to qualify for an FHA mortgage than a conventional loan.
- Costs Less To Buy: FHA loans have competitive interest rates because the Federal government insures the loans. Always compare an FHA loan with other loan types.
- FHA 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 insured mortgage may be used to purchase or refinance a new or existing 1-4 family home, a condominium, town home, villa or manufactured housing unit as a primary home.
FHA does not provide mortgage financing nor does it set the interest rates on the FHA mortgages it insures. For the best interest rate and terms on a mortgage, you should apply with an FHA mortgage lender.