Insured by the government, the Federal Housing Authorization loan or FHA loan is sponsored by the Federal Housing Authorization. The FHA loans are designed by keeping the first-time home buyer in mind to help those with limited payment resources.
Federal Housing Administration allows getting finance approval with a minimum down payment of 3.5% and crediting score as low as 580.
However, you need to pay for mortgage insurance for your loan’s life in case of less than a 10% down payment for an FHA loan.
Are you sure if an FHA mortgage is suitable for you? If not, contact us, and one of our mortgage loan officers will help you choose the right mortgage option for you.
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With an FHA loan, current FHA mortgage holders can get refinanced without showing any income proof or ordering an appraisal. If you’re an existing FHA mortgage holder, you must go for this option to enjoy a decreased mortgage interest rate.
Typically, FHA limits you to have one FHA mortgage to finance your dream home within loan limits decided for your area. However, an FHA loan allows you to have another home featuring less documentation and faster closing. But there are some conditions, which are as follows:
Need any help regarding the FHA home loan? Please have a look at the following frequently asked questions by our clients. If you didn’t find your answer, let us know. Our team will reach out as soon as possible with a solution to your every query. Besides, we’re always there to help you know if you qualify for an FHA loan or not.
Request more information about a FHA Loan online, All you need to do is provide your details below application form.