Every year the Federal Housing Administration provides FHA loans to new homebuyers. Do you qualify? Instead of lenders being forced to write off the loan if the borrower defaults, the FHA covers the cost. Many homebuyers seek FHA mortgage loans. For those who are inexperienced when it comes to financing a home, these are ideal.
FHA financing is an invaluable tool. Unfortunately, it isn’t for everyone. FHA loans are ideal for those who prefer to make a small down payment or have a low credit score and allow you to buy a home with as little as 3.5% down. Do you want to buy a home in Orem, UT? Call Ryan Harding, Mortgage Banker at Security Home Mortgage. Because we are FHA approved lenders, we’ll be able to work through all the details. We’ll work hard to make sure that you can get the most out of your new home.
Do I Qualify for FHA Loans?
Luckily, almost everyone qualifies for an FHA loan because there are no income limits. However, this is a limit on how much you can borrow. When you come to our office, one of our FHA lenders will look at your income-to-debt ratio, as well as checking if you have a credit score of at least 620. Borrowers are commonly limited to the median home prices in your area. This information for Orem can be found on the Department of Housing and Urban Development’s website.
There are many additional perks of FHA loans. These are:
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
Do you need an FHA loan? Ryan Harding, Mortgage Banker @ Security Home Mortgage is here to help. When you come to our office is Orem, we’ll help you organize paperwork and strategize. Call us today at 801-228-0937 to schedule an appointment.