FHA mortgage loans are a very competitive loan program. An FHA loan is insured by the Federal Housing Administration: prospective borrowers with an FHA loan pay for mortgage insurance, which protects the lender if the borrow defaults a payment/loan.
FHA loans are very popular because of their attractive interest rates and flexible qualification requirements. Because of these benefits, prospective borrowers are required to have two mortgage insurance premiums on FHA loans: upfront and annual premiums. (The upfront premium is paid when the prospective borrower gets the loan and it can be financed, and the annual premium is paid monthly.)
3 primary benefits of the FHA Mortgage Loan Program:
- More lenient on credit score. If your credit is not in the “perfect” range, not a problem! At Inlanta, effective January 2017, the new minimum credit score is 581. If you’re building credit, or rebuilding your credit, your homeownership dream does not need to be put on hold.
- Low down payment. For most prospective borrowers, the down payment for an FHA Mortgage Loan is 3.5% of the purchase price of the home.
- All of the down payment can be gifted too! A family member or a grant from a state or local government down-payment assistance program can be used for a down payment.
Because the Federal Housing Administration is not a lender, prospective borrowers need to get their loan through an FHA-approved lender. Inlanta Mortgage is proud to be a direct endorsed lender of Federal Housing Authority (FHA) mortgage loans.
Contact a LOAN OFFICER to find out if this loan program is perfect for you!
Inlanta Mortgage Pewaukee 