Tagged as: Homeownership
What is an FHA?
An FHA loan is a home loan that is issued by private lenders but insured by the federal government. Because of that federal backing, lenders are able to offer better flexibility with credit history and down payment requirements.
Is an FHA right for you?
FHA loan programs look at your credit history instead of just your credit score, which may help borrowers who can demonstrate improved credit and positive debt management. Additionally, down payment requirements are lower. They can be as low as 3.5% instead of a more typical 10-20% that is required for a conventional loan.
Free Financial Counseling
Through our partnership with BALANCE, you are eligible to take advantage of their free financial counseling service. The service offers credit repair, debt consolidation, financial education, and more. They can even help you create a debt management plan.
What else you need to know
FHA loans feature:
- Low down payment requirements
- More flexible credit score requirements
- Primary residences only
- Refinance options available
- Payment mortgage insurance (PMI) required
If you’re interested in learning more about FHA loans or to see which mortgage products available through 1st United or our mortgage partner may be a fit for you, simply call one of our friendly real estate experts at (800) 649-0193. We’re happy to help.
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