What is an FHA Loan?

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An FHA Loan is a mortgage insured by the Federal Housing Administration.

Real estate financing with low interest rates and with qualification requirements that are less strict and more flexible than conventional loans.

For the majority of borrowers, the FHA only requires a down payment of 3.5% of the cost of the house.

 

Those who borrow from the FHA can use their own savings to pay for the down payment, but other authorized sources of income include:

• A gift from a family member

• Subsidies from a government housing assistance program

FHA loans can be an excellent alternative to achieve the dream of owning your own home.

 

Who are FHA Loans for?

 

This is a type of financing for those that:

• Have a Social Security Number

• Declare their income in the United States

• Have a credit score above 500

People with a credit score between 500 and 580 will have a down payment of at least 10%.

For you to find out if you qualify for an FHA loan, see us for a free consultation.

 

We are available to answer any of your questions.