FHA loans are home loans backed by the Federal Housing Administration (FHA), a government agency created to help home buyers qualify for a mortgage. This type of mortgage provides mortgage insurance on loans made by FHA-approved lenders, protecting them from the risk of borrower default.
Due to these protections in place, they can afford to be more lenient when offering mortgages. This means it’s possible to get an FHA loan with a lower credit score and a bit more debt than other types of loans.To offset this, FHA loans will typically include mortgage insurance as part of the borrower’s responsibility.
Have a minimum credit score of 580 with a down payment as low as 3.5%
You can utilize gift funds for up to 100% of your downpayment.
You can qualify for these types of loads after foreclosure or bankruptcy after a few years of consistently good credit.
Whatever direction you are trying to go, our experienced mortgage team will help you analyze which option is best for your short and long-term goals.
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