FHA Mortgage

Now Is The Time

If you're looking to buy a home, you may have heard of Federal Housing Administration (FHA) loans. These government-backed loans are designed to help people achieve the dream of homeownership and are especially beneficial for first-time home buyers.  They are designed to help people with lower credit scores and/or lower income and less cash saved up for a down payment to achieve homeownership. 

Why Should You Consider an FHA Loan?

FHA loans have a number of advantages, including:

• Lower Down Payment: With an FHA loan, qualified buyers can purchase a home with a lower down payment.  This can make it easier for you to save up for a home and become a homeowner sooner.
• More Lenient Credit Score Requirements: FHA loans have more relaxed credit score requirements, with a minimum credit score of 580 required to qualify for a loan. This makes it easier for people with less-than-perfect credit to achieve      homeownership.
• More Flexible Income and Debt-to-Income Requirements: FHA loans also have more flexible income and debt-to-income ratio requirements, which can make it easier for people with less stable incomes to qualify for a loan.
• Variety of Loan Options: FHA loans offer a variety of fixed-rate and adjustable-rate options, so you can choose the loan that best fits your financial needs and goals.

What are the Drawbacks of FHA Loans?

While there are many advantages to FHA loans, there are also some drawbacks to consider, including:

• Mortgage Insurance: FHA loans come with mortgage insurance, which is required for the life of the loan. This insurance protects the lender in case you default on your mortgage payments, but it can also add an extra monthly cost to your mortgage payment.
• Limited Loan Amounts: FHA loans have limits on the amount you can borrow, which can be a drawback if you're looking to buy a more expensive home.

How it Works
 

• 30 year and 15 year fixed terms 
• May be Assumable 
• Pay your mortgage at any time without pre-payment penalties  

Overall, FHA Mortgage loans are a great option for many people, especially first-time home buyers with lower down payment and credit score requirements, more flexible income and debt-to-income requirements, and a variety of loan options, FHA loans can help make homeownership more accessible and achievable.  

I’ve worked with many people who described themselves as having “bad credit” – but who are now homeowners! The truth is that many more people qualify for FHA mortgages than for traditional mortgages.  I am ready to work for you to make sure you know all your options and turn your dream of owning a home into reality.

Got questions?  Give me a call!  

As your mortgage specialists I would be happy to answer any and all of your questions.