What Is an FHA Loan?
For starters, an FHA Loan is provided by the US Federal Housing Administration. FHA Loans are particularly beneficial because they allow borrowers to receive affordable and accessible financial assistance when purchasing a home.
For borrowers with a credit score of 580 or higher, the FHA allows a down payment of just 3.5% of the total cost of the home. For those with a credit score between 500-579, a 10% down payment is required to be approved for a loan.
FHA Loan Benefits
An FHA Loan is one of the most attainable home loans on the market.
- FHA Loans are geared toward helping first-time homebuyers.
- Typically, an FHA Loan offers affordable down payments and more lenient credit score requirements for those who qualify
Whether you’re in the market for a new home or seeking financial assistance to help renovate your current one, FHA Loans can offer funding for your residential goals.
Contact us to see how we can use an FHA loan to make your dream of homeownership a reality