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FHA loans are government insured mortgages that offer lower down payments and simplified qualifying guidelines to borrowers. They are available to you to purchase a home or to refinance an existing mortgage loan.
FHA loans are indeed the easiest type of real estate loan to qualify for. FHA guidelines for loan qualification are the most flexible of all mortgage loans. FHA loans appeal to a wide range of borrowers because of their flexibility. You will soon see just how beneficial they are.
- First-time home buyers
- Borrowers with little money to put down to buy a new home
- Regular people with less than perfect credit
- People with little or no credit history
- Homeowners looking to lower their current monthly mortgage payment.
- Homeowners looking to do some home improvements
FHA loans are extremely popular for people looking to buy a home. One of the main reasons is the low minimum down payment required. The down payment required is approximately 3.5% of the sales price. Compare that with many conventional loan programs that require as much as 20% down and you can easily see why FHA mortgage loans are a very attractive loan for people looking to buy a home.
FHA loans offer a competitive interest rate, are less credit score driven and offer more flexible underwriting.
FHA loans are also a great tool for those looking to refinance their home. With the easy qualifying guidelines, thousands of families each month use the FHA loan to refinance their existing mortgage and save hundreds of dollars on their current mortgage payment.
Contact us now to begin your FHA Loan Process!
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