What is an FHA loan?
An FHA loan is one of the best first-time home buyer financing options available. It is a mortgage loan that is insured by HUD and is designed, specifically, to help first-time home buyers finance their first home by providing some stepping stones that other loan products may not offer.
A few of the advantages that FHA loans offer are:
- 3.5% down payment
- Options for down payment assistance (including family gifts and state and county DPA programs)
- Less than perfect credit requirements (including more forgiving bankruptcy and foreclosure requirements)
- Relaxed employment requirements
- Options for Assumption (call for more details)
- More options for Citizenship Status
While FHA loans tend to be best for first-time home buyers, they also work for people who have owned a home before too. For the same list of reasons mentioned above, anyone can and may want to use FHA financing to buy or refinance their home.
No matter what, 5280lend will conduct a thorough analysis of your situation to determine if an FHA loan is the best fit for you. To start the process or for more details, GIVE US A CALL or FILL OUT THE CONTACT FORM and we can get started!