FHA Financing

If you are thinking about buying or building a new house, you may not be aware of the many benefits of financing though the FHA. The FHA has been helping Americans realize the dream of homeownership since 1934 when the National Housing Act was first implemented. The Act made it possible for families to afford new homes, even if they wouldn’t otherwise qualify for a conventional loan. Today, the FHA has revamped its loan program to offer Americans an even simpler and more affordable loan process. No matter what your situation, here is how the FHA can help.

First Time Homeowners

For first time homeowners and young families, the costs of obtaining a new loan are often way out of reach. Right now a typical down payment for a conventional loan is around 20% of the total cost of the house. With an FHA Loan, you can borrow that same amount, and pay as little as 3% for the down payment. This means that even if you don’t have very much money saved up, you will still be able to become a proud new homeowner. Additionally, you won’t have to pay private monthly mortgage insurance because a portion of your loan will already be guaranteed by the FHA.

Poor Credit History

Sometimes things happen in life that negatively affects your credit such as identity theft and bankruptcy. When this happens, it can be very difficult to get your credit score back up to a decent number, which prevents you from getting affordable home loans. The FHA is there to help people who would otherwise not qualify for a conventional loan by being more lenient when it comes to credit scores.

Senior Citizens

Senior citizens who want to borrow cash from their house’s line of equity can apply for an FHA Reverse Mortgage. Unlike a typical home equity loan or second mortgage, the borrowed amount does not need to be repaid until the borrower no longer uses the house as their primary residence.

Where to Start

The FHA strives to help Americans from all walks of life afford the house of their dreams. You too can take advantage of the vast FHA benefits by getting pre-approved today. Simply fill out our secure online form and you’ll be on your way to becoming a proud new homeowner!

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