FHA Loan
An FHA loan is a type of government-backed mortgage loan that can allow you to buy a home with looser financial requirements.
What is an FHA Loan?
FHA loans are backed by the Federal Housing Administration, an agency under the jurisdiction of the Department of Housing and Urban Development. FHA loans are insured by the FHA, which means that organization protects your lender against loss if you default on your loan.
FHA loans are available with low down payment options and lower minimum credit score limits, but you’ll also have to pay mortgage insurance.
What’s the Next Step?
Doing your homework on the basics of mortgage lending early on can set you up for success. Mortgages are not one-size-fits-all products, so you need to know how they work and how they differ from one another. This will help you find what’s best for your situation.
After you’ve obtained your mortgage, take a breather – you just took a major step. Keep your credit clean, avoid taking out other loans or lines of credit.
Do I Qualify?
Take the first step toward the right mortgage. Apply online for expert recommendations from The Mortgage Professionals, Inc..
- Purchase/Refinance
- Cash-out
- First-time Home Buyers
- Great Rates