Why Most People Choose FHA
The FHA Loan stands for Federal Housing Administration, it is a program that has easy qualification criteria's with low down mortgage payments and great benefits. Among most first time home buyers, the FHA loan is one of the more popular mortgage home loan programs that catch consumer’s attention.
Credit Concerns
As long as there is a clear explanation to your credit problems, mortgage lenders will allow minor past credit problems for an FHA; most people know for most mortgage home loans you would need to have a good credit history.
Goal of an FHA Loan
This type of loan is a government backed loan meaning that FHA does not provide loans but instead insures it. The main function of the Federal Housing Administration (FHA) is to support the home mortgage market that will provide an adequate home financing system; through this process it will be more affordable for consumers who aren't financially stable.
FHA Loan Amount
Mortgage lenders do not have a limit to the amount they can provide to a consumer for a FHA program. Most likely mortgage lenders can lend up to $417,000 with no money down. Consumers who decides to apply for a FHA loan has many advantages of a down payment of less than 3% of sales price, the availability option of 100% financing is offered, no reserves or required, the seller can credit up to 6% of sales price towards buyers costs.
Apply Now
If you are becoming a first time homebuyer or currently a homeowner and the FHA loan program has your interests, then feel free to give one of our qualified mortgage lenders a call today or apply online right now to get started. Our online application for a FHA loan will only take a few seconds of your time.
