First Time Homebuyer? Just starting out? FHA Mortgage Loans guaranteed by the Federal Housing Administration aim to make buying homes more affordable for low- to middle-income families.
These loans frequently require mortgage insurance, but are an affordable option for first time homebuyers or those with smaller down payments.
Some advantages of the FHA Loan program:
- In some cases, the down payment required for an FHA loan can be as low as 3.5% of the purchase price.
- The low-end requirement for credit scores is lower than that of a conventional mortgage (ask us for details).
- An FHA Loan is assumable. Meaning, it is possible for a buyer to “take over” a seller’s mortgage.
- In some cases, FHA loans may have a lower base interest rate than a comparable conventional loan (this varies depending upon your financial situation).
- With an FHA loan, a “non-occupant” co-borrower (maybe a relative) may be used to help you qualify. FHA loans allow “blended ratios.”
All benefits are dependent upon your current financial situation of course. For complete details about the FHA loan program, reach out to Performance Mortgage today at 877-892-8222, apply online by clicking the button below, or text “simple” to 48421*.
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