|Down Payment ||3.5% of the final loan amount |
|Terms ||10, 15, 20, 25, 30 years, fixed and ARM |
|Credit Score ||640* minimum |
|Mortgage Insurance ||Yes, one-time, up-front and monthly |
|Maximum Loan Limit ||Yes, varies by county |
|* Unless approved by FHA Choice Manual Underwrite Process |
KEY BENEFITS OF FHA LOANS
An FHA-insured mortgage is currently one of the best mortgages available. Here are some of its key advantages over conventional loans:
Easier down payment and credit score requirements. The requirements for FHA loans are much lower than conventional loans. You can qualify with a credit score of at least 640 and a down payment of just 3.5% of the final loan amount.
Low interest rates. With the government’s backing, FHA mortgage rates are lower than most traditional mortgage rates. In some cases, an FHA borrower with a credit score of 660 can qualify for the same rate as a conventional borrower would with a credit score of 740.
Better home stability. Some FHA programs are designed to help you keep your home during hard times and prevent foreclosure. It’s highly advised to work out problems with the lender before the situation gets more and more difficult to manage.
With FHA Loans and our assistance, buying a home has never been easier. If you’re ready to move forward, choose Primary Residential Mortgage. With over 15 years of experience in the mortgage industry, we have an intimate knowledge of the local market and the national presence to leverage better terms and rates.
Talk to our pros for more information about FHA Loans. Or get started by requesting a quote today.