Home buyers may have trouble qualifying for a traditional mortgage loan if there are credit problems present. However, in those cases, an FHA loan might be a better option.
FHA stands for the Federal Housing Administration, which insures your mortgage to enable lenders to be more willing to give you loan terms that make it easier for you to qualify. FHA-insured mortgages offer many benefits and protections.
How Can FHA Help Me?
You can still qualify for an FHA loan with less than perfect credit. In fact, even if you had credit problems such as bankruptcy, it’ll be easier for you to qualify for an FHA loan than a conventional loan.
FHA loans have competitive interest rates because the federal government insures the loans. Always compare an FHA loan with other loan types.
The FHA product has been around since the 1930s and will continue to be here to safeguard you. Should you encounter hardships after buying your home, FHA has many options to help keep you in your home and avoid foreclosure.
An FHA-insured mortgage can be used to purchase/refinance a new/existing 1-4 family house, a condominium unit or even a manufactured housing unit.
Mortgage Loan Features
- FHA loans have down payment options.
- They have flexible income, debt and credit requirements.
- You may be able to use a gift or grant toward closing costs and all or part of the down payment.
- They’re available in a variety of fixed-rate and adjustable rate loan options.
- You may add extra features, such as a temporary buydown.
Mortgage Loan Benefits
- These loans require less cash up front for your down payment and closing costs.
- They’re available for all income levels.
Contact Cliffco Mortgage Bankers, your Long Island Mortgage Banker, today at (516) 408-7300 or email us at firstname.lastname@example.org to get started. Our loan experts can help you achieve your dream of home ownership, and answer any and all questions you might have about FHA loans and how to get a mortgage loan.