When it comes to getting a mortgage for your home, you have a number of options available to you. If you don’t have the money available for a 20% down payment or your credit score isn’t as strong as you’d like it to be, the why not consider applying for an FHA mortgage?
The FHA mortgage is backed by the federal government, allowing you to acquire a loan to purchase home with a smaller down payment and an imperfect credit score. Neighborhood Loans is happy to help you with all of your FHA mortgage needs.
If you’d like to know a few of the benefits that come with an FHA mortgage, here a few of the basics
- The Down Payment on an FHA mortgage is as low as 3.5-5% of a home’s asking price
- Credit Scores below 620 are accepted for an FHA mortgage
- The FHA mortgage is available in both ARM and Fixed Rate
- Because the FHA mortgage is backed by the federal government, it takes more worry off of the lenders