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!⁣⁣

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