3 Reasons An FHA Loan Might Be For You
Ah yes, the famous FHA loan! Easily one of the most common loans I am asked about, as many home-buyers have heard rumors that you really should take a closer look…
There’s so much that can be said about this particular loan option, that I felt it best to narrow things down to bite-size chunks of “Three Reasons You Really Should Look Into An FHA Home Loan”!
This will make things a bit more manageable. Happy reading!
1. Less-than-perfect credit is A-OK
While many loans practically demand that you have squeaky-clean credit, FHA loans are far more understanding. In fact, you can still snag a 3.5% down payment home loan with lower credit scores. (Yep, that’s a pretty big deal!)
2. Minimum down payment is 3.5 percent
For most borrowers, the FHA requires a down payment of just 3.5 percent of the purchase price of the home.
While you’ve likely heard of other programs that offer lower down payment options, the bulk of those programs have strict qualification guidelines and are available in limited areas. FHA loans by far offer the widest range of approvals for low down payment loans.
In fact, one of the lesser-known features of FHA loans is the allowance for family members to gift cash for down payment, or even government grant and down payment assistance programs.
3. Closing costs may be covered
Ooops! Did I spoil the surprise by jumping ahead on this one? 🙂 Well let’s go ahead and expand on this anyhow. See, it’s not just family and government that can get in on the action of covering your closing costs.
Home sellers, builders, and even lenders are allowed to contribute. When we talk about closing costs, we’re referencing: Appraisals, credit reports, title fees, and more. It really is quite a nice touch having the ability to show up to closing with minimal out-of-pocket.
Note: So, what do you think? Some pretty great features there don’t you think? I’d love to take a look at your situation and see which options you qualify for. Here’s how to schedule a free 15-30 minute Mortgage Strategy Session:
or Text or Call me at 513-678-3266