FHA LOANS

An FHA loan is a mortgage insured by the Federal Housing Administration. With a minimum 3.5% down payment for borrowers with a credit score of 580 or higher, FHA loans are popular among first-time home buyers who have little savings or have credit challenges.

Only an FHA-approved lender can issue an FHA-insured loan. If your credit score falls between 500 and 579, you can still get an FHA loan provided you can make a 10% down payment. With FHA loans, your down payment can come from savings, a financial gift from a family member or a grant for down-payment assistance. 

There are limits to the amount you can borrow with an FHA loan. To find out your limit. contact a lender as it varies depending on your situation. 

DO YOU QUALIFY?

You'll need to satisfy a number of requirements to qualify for an FHA loan. It's important to note that these are the FHA's minimum requirements and lenders may have additional stipulations. To make sure you get the best FHA mortgage rate and loan terms, you may want to speak to multiple lenders to compare offers.  

DOES THE HOME QUALIFY?
The property you're trying to buy with an FHA loan, whether it's a house, a condo, a manufactured home or a multifamily home, has to meet FHA minimum property requirements.

The FHA requires an appraisal that's separate (and different from) a home inspection. They want to be sure the home is a good investment — in other words, worth what you're paying for it — and ensure that it meets basic safety and livability standards.

Contact a lender right away to discuss your options. 

ANNE-MARIE OLSON IS A PROUD MEMBER OF MYHOMEGROUP.