Buy Your Dream Home With Little Money Down With FHA Financing!
About FHA Home Loans
An FHA loan is a mortgage loan that is insured by the Federal Housing Administration (FHA). Essentially, the federal government insures loans for FHA-approved lenders in order to reduce their risk of loss if a borrower defaults on their mortgage payments. The FHA program was created in response to the rash of foreclosures and defaults that happened in 1930s, to provide mortgage lenders with adequate insurance, and to help stimulate the housing market by making loans accessible and affordable.
FHA Loan Benefits:
- Down payment as low as 3.5 percent and it can also be a gift from parents or relatives
- More lenient credit requirements compared to conventional loans
- Private mortgage insurance (PMI) can be paid in cash or financed as part of the loan
- Choose between fixed or adjustable interest rates
- No prepayment penalties
*For more information about FHA loans, including complete eligibility requirements, contact us today.