The Federal Housing Administration offers FHA loans to new homebuyers every year, are you one of them? This loan guarantees that lenders don't have to write off the loan if the borrower defaults. Instead, the FHA will cover the cost. This makes FHA mortgage loans popular among first-time homebuyers who may not know what to expect from financing a home.
While FHA financing is a great tool when you need it, it isn’t for everyone. Best for those who want to make a small down payment or have a lower credit score, FHA loans allow you to buy a home with as little as 3.5% down. When you're ready to buy a home in Lehi, UT, call Ryan Harding, Mortgage Banker @ Security Home Mortgage. As an approved FHA lender, we can work through all the details to ensure you get the most out of your new home.
Who Qualifies for FHA Loans?
The good news is, almost anyone can qualify for an FHA loan because there are no income limits. However, there is a cap on how much you can borrow. The FHA lender you speak with will also look at your income to debt ratio and make sure you have a credit score of at least 620. Most borrowers are limited to the median home prices in your area. This information for Lehi is located on Department of Housing and Urban Development's website.
dditional Perks of FHA Loans:
3.5% down payment required on purchase
Easier to use gifts for down payment and closing costs
No prepayment penalty
Financing for home improving using FHA 203k programs
Call Work Harding - Security Home Mortgage
Ryan Harding, Mortgage Banker @ Security Home Mortgage can help you organize paperwork and strategize for your next big move. Buying a home is exciting, but getting an easy loan makes it even better. We serve the entire Lehi area. Call us today at 801-228-0937 !