What is an FHA Mortgage Loan?
An FHA Mortgage Loan is a home loan insured by the Federal Housing Administration (FHA), designed to help low-to-moderate-income borrowers qualify for financing. These loans are particularly beneficial for first-time homebuyers or those with lower credit...
Continue ReadingWhat are the benefits of an FHA Mortgage Loan?
Lower Down Payment: FHA loans allow for a down payment as low as 3.5% of the purchase price. Flexible Credit Requirements: Borrowers with lower credit scores may still qualify for an FHA loan. Competitive Interest Rates: FHA loans often offer...
Continue ReadingWho is eligible for an FHA Mortgage Loan?
Eligibility for an FHA loan generally depends on your credit score, income, debt-to-income ratio, and the amount of down payment you can make. FHA loans are aimed at helping low-to-moderate-income borrowers and those with less-than-perfect...
Continue ReadingWhat is the minimum credit score required for an FHA loan?
The minimum credit score for an FHA loan is typically 580 with a 3.5% down payment. Borrowers with credit scores between 500 and 579 may still qualify with a higher down payment of...
Continue ReadingHow much can I borrow with an FHA Mortgage Loan?
The amount you can borrow with an FHA loan depends on the FHA loan limits in your area, which vary by county. These limits are updated annually by the...
Continue ReadingWhat are the down payment requirements for an FHA loan?
The minimum down payment for an FHA loan is 3.5% of the purchase price for borrowers with a credit score of 580 or higher. Borrowers with credit scores between 500 and 579 are required to make a down payment of at least...
Continue ReadingCan I use an FHA loan to buy a fixer-upper?
Yes, the FHA offers a loan program called the FHA 203(k) Rehabilitation Loan, which allows you to finance both the purchase of a home and the cost of its repairs through a single...
Continue ReadingWhat types of properties can be financed with an FHA loan?
FHA loans can be used to finance a variety of properties, including single-family homes, multi-family properties (up to four units), condos, and certain manufactured...
Continue ReadingWhat are the costs associated with an FHA Mortgage Loan?
In addition to the down payment, FHA loans require mortgage insurance premiums (MIP). There is an upfront MIP, typically 1.75% of the loan amount, and an annual MIP, which is paid monthly and varies based on the loan term and...
Continue ReadingHow can I apply for an FHA Mortgage Loan with People Driven Credit Union?
Apply online or contact our mortgage specialist, Jim Rogers, who will guide you through the application process, help you understand your options, and determine your eligibility. James (Jim) Rogers is authorized to act as an agent on behalf of People...
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