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Even without perfect credit, purchasing a home may be easier than you think with a FHA mortgage.  You can access affordable rates and other competitive benefits.

What is a FHA Loan?

The term Federal Housing Administration (FHA) refers to a U.S. agency that provides mortgage insurance to FHA-approved lenders. The FHA funds its operations with income generated through mortgage insurance premiums (MIPs). FHA loans allow lower down payment minimums and lower credit scores than traditional lenders. This opens up homeownership to thousands of Americans who otherwise couldn’t qualify for a mortgage. The mortgage insurance protects lenders against losses from mortgage defaults, so if a borrower does default, then the FHA pays the lender.

When applying for a FHA loan, here is what you need to know:

  • Available as fixed rate or adjustable rate mortgages

  • Low down payment  and could also qualify for additional assistance programs

  • Borrowers with FHA loans must purchase FHA mortgage insurance

  • Mortgage insurance premiums (MIPs) collected from FHA-insured loans help pay for the program.

Qualifying for a FHA Loan involves an assessment that looks at your:

  • Credit Score (minimum score range of 500 - 580)

  • Income

  • Debt-to Income Ratio

  • Down Payment

  • Employment Status and History

Let's work together to get you into your dream home. 

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