FHA Loans

Federal Housing Administration (FHA) loans are a popular option for home buyers, particularly first-time buyers, who may not have a large down payment or a high credit score. FHA loans are insured by the government, which means lenders are more willing to offer these loans to borrowers who may not qualify for a conventional mortgage.

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FHA loans typically require a down payment of just 3.5% of the purchase price, making it easier for buyers to get into a home. In addition, FHA loans have more flexible credit requirements than conventional loans, allowing borrowers with less-than-perfect credit to still qualify. These factors make FHA loans an attractive option for many home buyers looking to achieve their dream of homeownership.

Some Key FHA Characteristics

1) Low down payment requirement of just 3.5% of the purchase price

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2) More flexible credit requirements compared to conventional loans

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3) FHA loans are backed by the government, which makes lenders more willing to approve borrowers who may not qualify for a conventional mortgage

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4) FHA loans have fixed interest rates, which can provide stability and predictability in monthly mortgage payments

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5) FHA loans allow for higher debt-to-income ratios, which can help borrowers with higher levels of debt qualify for a mortgage

6) FHA loans can be used to purchase a variety of property types, including single-family homes, multi-unit properties, and condominiums

7) FHA loans offer options for refinancing, including streamline refinancing and cash-out refinancing, which can help borrowers lower their monthly mortgage payments or access equity in their home.

5) FHA loans allow for higher debt-to-income ratios, which can help borrowers with higher levels of debt qualify for a mortgage

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6) FHA loans can be used to purchase a variety of property types, including single-family homes, multi-unit properties, and condominiums

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7) FHA loans offer options for refinancing, including streamline refinancing and cash-out refinancing, which can help borrowers lower their monthly mortgage payments or access equity in their home.

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Copyright ©2021 | Inside Edge Team

Licensed to Do Business | NMLS# 957489


This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Copyright © 2021 | Edge Home Finance Corporation Company


Corporate | NMLS ID NMLS# 891464

Corporate Address : 5868 Baker Road Minnetonka, MN 55345

Copyright ©2021 | Inside Edge Team | NMLS# 957489

Licensed to do business in..

This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply

Corporate | NMLS ID NMLS# 891464

Corporate Address : 5868 Baker Road Minnetonka, MN 55345

https://edgehomefinance.com/team-member/sheryl-nolan