FHA loans are backed by the Federal Housing Administration (FHA). This loan provides would-be buyers with not-so-great credit the opportunity to buy a home with a lower down payment in many cases.
An FHA loan is a great option for credit-challenged homebuyers, as it’s possible to qualify for the 3.5% down payment with as low as a 580 credit score.
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FHA Home Loans
With the different types of home loans to choose from, sometimes it can be difficult to know which mortgage loan option suits your needs. For many people, a FHA mortgage might be the right fit for you.
The Benefits of FHA Home Loans
Insured by the Federal Housing Association, FHA home loans provide borrowers with the comfort of knowing their mortgage loan is protected in the event they were to default on their mortgage. This means less risk on the borrower and lender since the FHA will pay a claim to the lender for the unpaid balance on the borrower’s defaulted mortgage.
Since the loan itself is less of a risk for lenders than other home loan options, borrowers also can enjoy the benefits of possibly lower interest rates, down payment requirements (as low as 3.5 percent) and the acceptance of lower credit scores and debt-to-income ratios.
Many borrowers may find FHA home loans to be an attractive home financing option. Plus, direct mortgage lenders make FHA loans even more attractive, with competitive interest rates and the ability to secure a home loan right online. Contact Wyndham Capital today if you have questions to ask a loan officer or you’re interested in applying for an FHA loan.