FHA Home Loans
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WHAT IS AN FHA HOME LOAN?
An FHA, or Federal Housing Administration, Loan has helped millions of Americans buy their first homes. This mortgage is backed by the federal government and issued by approved FHA lenders. Born out of the Great Depression when the number of home foreclosures rose substantially, these loans give lenders the assurance they need to lend to Americans.
HOW DOES AN FHA HOME LOAN WORK?
An FHA loan follows the traditional mortgage lending process with an application with an approved FHA lender. If you put down less than 20% of the mortgage, you'll be required to purchase mortgage insurance, which helps protect the lender against default. There are many different types of FHA loan programs, which helps borrowers find the perfect mortgage for them.
WHO QUALIFIES FOR AN FHA HOME LOAN?
FHA loans are designed for low-to-moderate-income borrowers. They require a minimum amount of money down, and borrowers' credit scores can be lower than for conventional home loans. In fact, in 2020, you could borrow up to 96.5% of the appraised value of your home and only have to come up with 3.5% down. This is good news for borrowers. Even with bad credit, you may still be able to qualify for an FHA loan. These are great mortgages for first-time home buyers.
CONTACT THE MORTGAGE STORE TODAY
The Mortgage Store offers FHA loans, as well as other mortgages, such as VA home loans, jumbo loans, cash-out mortgages, and more. With an easy-to-follow application process available online. Our mortgage brokers have over 50 years of combined experience and can find you the best mortgage at the terms you need and want. We monitor mortgage rates and ensure you get the best deal possible. Reach out to us with questions, or apply online today!