In today’s lending environment there is one loan that allows for minimal down payment and flexible underwriting guidelines. The Federal Housing Administration, generally known as “FHA” offers this purchase program. The FHA Purchase Loan has been used in the United States since 1934.
The minimum down payment for an FHA Loan is 3.5%. The 3.5% down payment is much less than the traditional 20% down payment required for conventional mortgages. In addition to low down payments, the interest rates are at historic lows and you do not need perfect credit.
The first step in qualifying for an FHA Loan is to speak with an FHA consultant who can analyze your unique situation. You will learn how much of a house you can afford and the exact monthly payments you will have on your new home. Your consultation will involve a detailed overview of your income, down payment source, and credit history. Once you speak with a FHA Loan Consultant you will have the peace of mind knowing that you are fully approved for a new FHA Purchase Loan.
Find out if you qualify or submit your information for a consultation from an FHA expert.