What is an FHA loan?
FHA loans are insured by the Federal Housing Administration, and can be a great option for people who would normally find it difficult to qualify for a mortgage due to their income level, credit history, or their ability to put down a sufficient amount of down payment. For borrowers with a credit score of 580 or higher, these loans allow a down payment of just 3.5%. For those with a credit score between 500 and 579, a 10% down payment is required.
What are the benefits?
An FHA loan is one of the most attainable home loans on the market. These loans are best for first-time home buyers because of a lower down payments, lower credit score requirements. If you are looking for a new hone, a FHA loan may be just what you need to get your perfect home.
What is required to receive an FHA loan?
Before applying for an FHA loan, it’s important to know what to expect throughout the process. Once approved for an FHA loan, it is required to have an appraisal. A closing cost may also be required, depending on whether the home seller chooses to cover the closing costs.
Why should you choose Sun West?
Our team offers a 24-hour loan center for future home owners who don’t have time to apply for a loan during regular business hours. We offer quick loan approvals and provide our clients with suitable loan options for their needs and financial situations. Our team members are well-versed in FHA loan rules and requirements and will ensure that you are knowledgeable about our mortgage process prior to committing to a loan.
For any questions about the FHA mortgage loan process or any of our other home loan services, give our team at Sun West a call to speak to a local team member who can answer all of your home loan questions. Contact us today!