Fathom Realty
If you’re a first-time homebuyer or simply searching for a mortgage loan to fit your financial standing, an FHA loan may be for you. With moderate requirements and longer loan terms, this mortgage type opens the door to homeownership for those who may be just beginning their financial journey.
A FHA loan is special, as it’s backed by the Federal Housing Administration, which falls under the umbrella of the U.S. Department of Housing and Urban Development.
To qualify for this loan, you have to meet at least the minimum qualifications, including a down payment of at least 3.5 percent of the total cost of the home and a credit score of 580 or higher. If you have a lower credit score, you may still qualify but may need a higher down payment.
Even though FHA loans may be ideal for some first time buyers, there are some drawbacks to be aware of before taking on the loan. A down payment of less than 20 percent often means having to pay for mortgage insurance in addition to your mortgage payment to protect the investment of the lender.
An FHA mortgage usually comes with limited loan term options, so for those with unique situations, a 15 or 30-year mortgage term may not fit what they are searching for.
Even though there are a few drawbacks to this loan type, there are many benefits as well. Lenders of FHA loans are often lenient on credit history, opening the door to borrowers with lower credit scores.
In general, interest rates are often fixed and come with better conditions in comparison to conventional loans.
If you’re interested in an FHA loan, consider speaking with a lender to explore your options to find the best deal for your next home purchase.
With over 10 years experience serving the Dallas and metro area, I am dedicated to providing my clients with outstanding customer service and to earning the referral business of my clients. I focus on family values and customer service. I have made a lot of friends in this business. Constant communication is a big part of my success. Proven professional who brings knowledge, skill and care to every transaction. I would love to be your realtor and if you know of anyone who is thinking about buying or selling a home or would just like additional information about property values in my area then call, text or email me today. If you or someone you know are a veteran, firefighter, policeman, teacher, doctor, nurse contact me about special incentives. If you or someone you know has a blemish on your credit report and is not in active bankruptcy contact me about a new company that can help you get into a home. If you need a reputable credit repair company that will give you help to get back on the right track then I have a great company. If you want to purchase a home but still don't have enough saved there are still available funds to help you with that. Are you or someone you know relocating to the Dallas area? I have helped families relocate here. I understand your family's needs. Certifications: New Home Construction, Senior Designation, American Warrior, First Time Home Buyer, EPRO,Relocation
