Minnesota FHA Loans

For anyone considering a move to Minnesota, right now is a great time to apply for an FHA home loan. The Federal Housing Administration (FHA) and US Department of Housing and Urban Development (HUD) have made homeownership a reality for millions of American families, and today they are helping out more than ever. The loans are easy to acquire and make the entire process very affordable.

What is an FHA loan?

The FHA was formed in 1934 as a way to help Americans keep their homes during the Great Depression. Today, they are again helping people avoid foreclosure and be able to afford new homes. The FHA has made this possible by insuring privately issued loans – making you a much more secure and desirable borrower. As a result, private lenders are willing to pass on some really great benefits to you. For instance, with an FHA loan you are only responsible for a low down payment of 3.5%.

Additional Benefits

Besides a very low down payment on your new home, you also won’t be required to pay private mortgage insurance (PMI) because the loan will already be insured for you. With an FHA loan, your lender will also be willing to give you a very competitive interest rate, making your monthly payments that much more affordable. A few other great benefits of Minnesota FHA loans include easy approval, streamline refinancing and flexible mortgage plans.

Qualifying

In order to qualify for an FHA loan, you will be required to provide financial documents such as bank balances, credit checks, debt-to-income ratios and employment histories for all borrowers on the loan. Even though your loan will be approved based on your financial situation and history, the FHA is very lenient. If you have a poor credit score that wouldn’t qualify for a conventional loan, there is a good chance you will still be eligible for an FHA loan.

Where to Start

A great way to get started on the FHA loan process is to get pre-approved. With a pre-approval you will know just how much you can qualify for and if you meet all the lender’s requirements. We would love to help you get started today. Simply fill out our online form and we’ll have you pre-qualified instantly for free with no obligation!

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