Do you think you meet the eligibility requirements for an FHA loan approval? There are many advantages to an FHA loan as compared to conventional financing. Learn more about this special type of loan and see if you qualify.
An FHA loan is insured by the Federal Housing Administration as part of HUD, which allows lenders to offer better terms than traditional mortgage loans. This type of loan has been available since 1934 as a way to promote homeownership in the U.S. The benefits of FHA loan programs are:
- Low Down Payments
- Low Closing Cost
- Easy Credit Qualifications
- Ability to Roll Closing and Repair Costs into the Mortgage Loan
- Read more on FHA Loans.
- We can help you find an FHA loan!
BorrowMoney can help you find FHA loan programs and compare multiple offers. Always compare the rates and terms of conventional versus FHA loans. There are many FHA loan products to fit different borrowers’ needs. With an FHA loan program, your loan can be applied towards a mobile home, a factory-built home, or even a home that requires repairs. Down payments can be as low as 3.5% of the purchase price and most of the closing costs and fees are included in the loan. For those ages 62 and older, there is also the option of a reverse loan. See if you meet the FHA eligibility requirements by answering a short questionnaire.