Is an FHA loan right for you?
Get a FREE quote on an FHA loan and find out how much you qualify for.
What is an FHA Loan?
- An FHA loan is a loan insured by the Federal Housing Administration. They do not underwrite the loan, they simply insure it for the lender.
Benefits of an FHA Loan:
- An FHA loan is more accessible since you don’t need a high-paying job or the best credit.
- Credit score requirements are lower, allowing people with not so perfect credit to qualify.
- FHA Loans have lower down payments that can get as low as 3.5%, and can be used for a purchase or refinance.
- Your down payment can be gifted from a relative.
- You can roll in all your closing costs.
- You can also get cash out on a refinance.
- There are also FHA renovation loans for repairs.
- If you have low credit or a high debt to income ratio then FHA loans may be the right option for you.
FHA Qualification Checklist:
- Steady employment history or worked for same employer for at least one year.
- Valid Social Security number, lawful residency in the U.S., however you do not have to be a U.S Citizen.
- Make a minimum down payment of 3.5% on the house. The money can be gifted by a family member.