Federal Housing Administration Loan

What is a FHA Loan?

The requirement of a FHA loan is different from a conventional one. If you have a lower credit score, this might be the perfect option for you. Unlike the conventional loan, the down payment is usually lower and the government backs all FHA loans.

The FHA Loan is insured by the government, and it allows people to finance homes at a much lower down payment. The loan helps to keep cost lower when purchasing a home which makes it popular with first-time homebuyers.

Benefits of a FHA Loan

• Put down as little as 3.5% for fixed-rate loans.
• Credit scores as low as 550 may be accepted.
• Can be easier to qualify for than Conventional loans.
• It’s possible to refinance a Conventional loan into an FHA loan.
• FHA to FHA streamline refinances do not require an appraisal.
• Available for cash-out refinance or rate/term refinance.
• Financial assistance programs available for FHA loans