FHA Loans
Federal Housing Administration (FHA) loans are a popular option for home buyers, particularly first-time buyers, who may not have a large down payment or a high credit score. FHA loans are insured by the government, which means lenders are more willing to offer these loans to borrowers who may not qualify for a conventional mortgage.
FHA loans typically require a down payment of just 3.5% of the purchase price, making it easier for buyers to get into a home. In addition, FHA loans have more flexible credit requirements than conventional loans, allowing borrowers with less-than-perfect credit to still qualify. These factors make FHA loans an attractive option for many home buyers looking to achieve their dream of homeownership.
Some Key FHA Characteristics
1) Low down payment requirement of just 3.5% of the purchase price
2) More flexible credit requirements compared to conventional loans
3) FHA loans are backed by the government, which makes lenders more willing to approve borrowers who may not qualify for a conventional mortgage
4) FHA loans have fixed interest rates, which can provide stability and predictability in monthly mortgage payments
5) FHA loans allow for higher debt-to-income ratios, which can help borrowers with higher levels of debt qualify for a mortgage
6) FHA loans can be used to purchase a variety of property types, including single-family homes, multi-unit properties, and condominiums
7) FHA loans offer options for refinancing, including streamline refinancing and cash-out refinancing, which can help borrowers lower their monthly mortgage payments or access equity in their home.
5) FHA loans allow for higher debt-to-income ratios, which can help borrowers with higher levels of debt qualify for a mortgage
6) FHA loans can be used to purchase a variety of property types, including single-family homes, multi-unit properties, and condominiums
7) FHA loans offer options for refinancing, including streamline refinancing and cash-out refinancing, which can help borrowers lower their monthly mortgage payments or access equity in their home.
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Copyright ©2021 | The Peoples Mortgage Team | NMLS-1978847
Licensed to do business in..
This is not an offer to enter into an agreement. This is not a commitment to make a loan. Not all customers will qualify. Information, rates and programs are subject to change without prior notice. All products are subject to credit and property approval. All approvals are subject to underwriting guidelines. Not all products are available in all states or for all dollar amounts. Other restrictions and limitations may apply. VA loans subject to individual VA Entitlement amounts and eligibility, qualifying factors such as income and credit standards, and property limits. is not affiliated with any government agencies. These materials are not from VA, HUD or FHA, and were not approved by VA, HUD or FHA, or any other government agency.
Corporate | NMLS ID NMLS# 1660690
Corporate Address : 5559 S Sossaman Rd, Bldg 1 Ste 101 Mesa, AZ 85212
https://nexamortgage.com
Copyright ©2021 | The Peoples Mortgage Team
Licensed to Do Business in GA
This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Copyright © 2021 |
Corporate | NMLS ID NMLS# 1660690
Corporate Address : 5559 S Sossaman Rd, Bldg 1 Ste 101 Mesa, AZ 85212