FHA Home
Loans
Is a FHA loan right for you?
FHA loans are government-insured mortgages that are designed to make homeownership more accessible and affordable for borrowers with less-than-perfect credit or limited financial resources.
Benefits of a FHA loan
- Credit Scores: FHA loans typically have lower credit score requirements compared to conventional loans, which can make them a good option for borrowers with less-than-perfect credit.
- Gift Funds: FHA loans allow borrowers to use gift funds for their down payment, which can be a major advantage for those who need help with their down payment.
- Flexible Qualifications: The requirements for an FHA loan are generally more relaxed compared to some other types of loans, such as conventional loans.
FHA loan eligibility requirements
- Credit score of 500 or higher with 10% down
- Credit score of 580 with 3.5% down
It’s important to determine your budget and financial goals before considering any home financing options. This will help you determine how much you can afford to spend on a home and what type of financing will best meet your needs.
