ATTENTION: Folks Who Don't Want To Save For A $100k Down Payment!
Smaller Down Payments & Lower Credit Requirements = The Chance At Homeownership
(Explore your options for an FHA loan so you don't have to save for a massive down payment)
Struggling to Save a Large Down Payment or Have Less-Than-Perfect Credit?
You may qualify to buy a home with a smaller down payment and less-than-perfect credit. This means you might not have to wait years to accumulate a hefty down payment or having to get to an 800+ credit score before taking the leap into homeownership. With an FHA loan, the down payment is as low as 3.5% of the home's purchase price.
Why an FHA Loan?
Flexible Credit Requirements
FHA loans tend to have more lenient credit score requirements compared to conventional loans. Even with a less-than-perfect credit history, you might still qualify for an FHA loan, allowing you to pursue homeownership when other options are limited.
Limited Savings
FHA loans are known for their minimum down payment requirement of just 3.5% (with a credit score of 580 or higher). This makes it easier for potential homebuyers to become homeowners who don't have a large chunk of cash for a down payment.
Competitive Interest Rates
FHA loans are backed by the government, which often allows competitive interest rates. This could mean lower monthly payments and potential savings over the life of your loan.
Refinancing Options
If you already have a mortgage, refinancing into an FHA loan might make sense. You could potentially lower your monthly payments, tap into your home's equity, or switch from an adjustable-rate mortgage (ARM) to the stability of a fixed-rate mortgage.
Finally! The Chance To Own A Home
Escape increasing rent prices, gain the stability of predictable mortgage payments, all without having great credit and not-so-great savings.
About Me
RJ Bennett
NMLS #1587912
Hello, I’m RJ. My greatest joy comes from helping people achieve their dreams of homeownership and guiding them through the entire process with care and expertise.
TESTIMONIALS
TESTIMONIALS
Jane Doe
Anastasia Stone
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Jane Doe
Anastasia Stone
Nullam orci dui, dictum et magna sollicitudin, tempor blandit erat. Maecenas suscipit tellus sit amet augue placerat fringilla a id lacus. Fusce tincidunt in leo lacinia condimentum. Maecenas suscipit tellus sit amet augue placerat fringilla a id lacus.
Frequently Asked Question
What is the minimum credit score I need to have to get an FHA loan?
Technically, you can qualify for an FHA loan with a credit score as low as 500. However, to get the maximum financing (a 3.5% down payment), you'll need a score of at least 580. Scores between 500-579 still allow for FHA financing but require a 10% down payment. These credit scores do NOT automatically qualify you.
What are the down payment requirements for an FHA loan?
The key advantage of FHA loans is the low down payment requirement. With a credit score of 580 or higher, you only need 3.5% of the purchase price as a down payment. If your credit score falls between 500-579, the required down payment increases to 10%, but still low. Just because you have these credit scores does NOT automatically qualify you.
Do I HAVE to be a first-time homebuyer to qualify for an FHA loan?
No, FHA loans are not exclusively for first-time homebuyers. Anyone who meets the eligibility requirements can utilize this type of loan, whether it's their first home purchase or not.
What are FHA mortgage insurance premiums (MIP)?
FHA loans require two types of mortgage insurance premiums: Upfront Mortgage Insurance Premium (UFMIP): A one-time cost of 1.75% of the loan amount, typically added to your mortgage balance. Annual Mortgage Insurance Premium (MIP): An annual fee based on your loan amount, down payment, and loan term. It's paid in monthly installments as part of your mortgage payment.