Looking to Buy Your First Home?
FHA loans are intended to assist first-time purchasers and individuals with limited credit histories in realizing their aspiration of becoming homeowners. FHA loans simplify the process of purchasing a new property without exceeding your budget by requiring a lower down payment and more flexible qualification criteria. This government-backed loan program offers an exceptional opportunity for purchasers who may not be eligible for conventional loans.
Explore your options and see how you can benefit:
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Benefits of FHA Loans:
- Low Down Payment
- Flexible Credit Requirements
- Mortgage Insurance Protection
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An FHA loan is a mortgage insured by the Federal Housing Administration and is designed for first-time homebuyers or those with lower credit scores. It offers lower down payment options and more lenient credit requirements compared to conventional loans.
To qualify for an FHA loan, you typically need a minimum credit score of 580 (or 500 with a higher down payment), a stable employment history, and a down payment of at least 3.5% of the home’s purchase price.
Yes, FHA loans require both an upfront mortgage insurance premium (UFMIP) and a monthly mortgage insurance premium (MIP). These costs are used to protect the lender in case of default and are paid in addition to the loan’s principal and interest.