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FHA Loan

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FHA Loan

Affordable Homeownership for All FHA Loans are a popular home loan alternative for a distinct purpose. If you're a first-time homebuyer or have a lower credit score, and you desire manageable monthly payments alongside the security of a fixed interest rate, then the FHA Loan could be the right solution for you.
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What is FHA Loan mortgage?

An FHA loan is a mortgage that's insured by the Federal Housing Administration. The FHA insures the loan, reducing the lender's risk, which in turn allows the lender to offer more favorable terms. FHA loans are designed to encourage homeownership among borrowers who might not qualify for traditional mortgage loans.

Benefits

Lower credit score requirements
Providing an opportunity for homeownership to individuals who may not qualify for conventional financing.
Low down payment options
Making it more accessible for borrowers who have limited funds available for a down payment.
More lenient qualification criteria
Taking into account factors such as credit history, debt-to-income ratio, and employment history, making it easier for borrowers to qualify.
Assumable loans can benefit future buyers
Allowing qualified buyers to assume your FHA loan and potentially making your home more attractive to buyers.

Requirements

Minimum 580 Credit Score
Most lenders require a minimum credit score of 580 for FHA loans.
3.5% Down Payment
FHA loans require a down payment of 3.5% for borrowers with a credit score of 580 or higher.
2% – 5% In Closing Costs
You’ll need 2% – 5% of the total purchase price to cover closing costs.
Debt-To-Income Ratio ≤ 43%
You’ll need a debt-to-income ratio (DTI) of no more than 43%

FHA Loan Loan Options

FHA 15-Year Fixed
The FHA 15-year fixed mortgage delivers the certainty of a guaranteed, comparatively lower monthly mortgage payment for its shorter term, suited for new buyers.
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FHA 25-Year Fixed
The FHA 25-year fixed mortgage provides the confidence of a steady, relatively lower monthly mortgage payment over its duration, favorable for entry-level buyers.
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FHA 30-Year Fixed
The FHA 30-year fixed mortgage presents the relief of a locked-in, lower monthly mortgage payment, ideal for first-time homeowners.
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