A mortgage option with lower down payment options
Perhaps you need a mortgage option with less stringent qualification and/or credit requirements. An FHA loan might be the option for you. An FHA (Federal Housing Administration) loan is a government-insured loan that is available for both first time and non-first time homebuyers.
How an FHA loan works:
- FHA loans are available as a 15 and 30 year fixed-rate term, and a 5 year adjustable-rate mortgage (ARM)
- FHA loans are created by the Federal Housing Administration
- Only a 3.5% down payment is required for home purchases
When to choose FHA:
- Purchasing a home and want a low down payment
- Fast approval
- Lower rates available with an ARM
- Lower credit scores still qualify
- Lower income can also qualify
If you are interested in applying for an FHA mortgage, click here to apply online.