So, What Is An FHA Loan And Should I Consider One For My Next Mortgage?
“So, what is an FHA loan and should I consider one for my next mortgage?” Great question! And I’ve got your answer.
An FHA loan is a loan insured by the Federal Housing Administration (FHA). To qualify, borrowers must:
Have a steady income and be able to provide proof of employment
Use the home as their primary residence
Have a debt-to-income ratio of less than 43%
Purchase mortgage insurance
Put 3.5% down payment with a credit score of 580 or 10% down with a score between 500 - 579
If have you few funds for a down payment or small dings on your credit, an FHA loan might be a home run.
Got questions about real estate or your next steps? Shoot me a message. I’d love to listen and help in any way I can!