FHA loans are home mortgages that are insured by the Federal Housing Administration. They are government-backed loans designed to provide a safe and affordable option for Americans to buy homes. FHA loans are popular because they require lower down payments, have lower credit score requirements, and have more flexible lending guidelines compared to traditional loans.
FHA loans were designed for low- and moderate-income individuals and families who want to buy a home but don't have enough money saved for a down payment or don't have perfect credit. To be eligible for an FHA loan, the borrower must have a credit score of at least 500 and put down a minimum of 3.5% of the home's purchase price. The borrower must also prove they have steady employment and income to afford the monthly mortgage payments!
As little as 3.5% down for buyers with a credit score of 580 or higher
More lenient approval for those with lower credit scores
You can qualify for a loan even if you have other outstanding debts
The housing market can be tough for first-time homebuyers, young families, and others who don't have the resources to meet the strict requirements of a traditional loan. An FHA loan is a good option in these cases because it can help you buy the home you want with lower credit score requirements, a lower down payment, and more flexible lending guidelines.
Additionally, FHA loans offer competitive interest rates and are assumable, making them a smart choice for those who want to stay in their homes for the long-term. With these benefits, an FHA loan is an excellent option for first-time homebuyers and anyone who wants to make homeownership a reality.
Steve J. Shalaby NMLS# 363374
Streamline Financial Group ,INC. NMLS#379306
CONTACT US
Streamline Financial Group, Inc.
2901 Clint Moore Rd. #208
Boca Raton, FL 33496
Office Number: (561)364-LOAN
Hours: MON-FRI 8AM - 6PM
© 2023 All Rights Reserved
