FHA Home Purchase Financing
The Federal Housing Administration is a great mortgage option for individuals that are looking for a new home and have limited down payment or less than perfect credit history.
FHA Loans only require a down payment of 3.5% as compared to a conventional loan and the minimum credit score and credit history is significantly less than a comparable purchase mortgage. In addition, borrowers considering FHA financing for their new home purchase will find FHA interest rates to be very competitive as well as providing the security of a fixed rate mortgage.
FHA home loans are made available to homebuyers seeking to purchase an owner occupied property from one to four units. The home must meet FHA guidelines in terms of condition, construction and remaining economic life. There are maximum county loan amounts that have been pre-determined by the Department of Housing and Urban Development, however FHA guidelines do not put any limitations on the monthly income of the borrower(s).
If you are considering a new home purchase, speak with one our industry trained loan specialists today!