Find an FHA Loan in the Lafayette LA Area
Are you a resident of the Lafayette, LA area who is interested in applying for an FHA loan? If so, the home loan specialists at Family First Mortgage can help you determine if you are eligible for an FHA loan and discuss all of the requirements with you.
So exactly what is an FHA loan? This is a mortgage that is insured by the Federal Housing Administration – which is an agency within the U.S. Department of Housing and Urban Development (commonly known as HUD).
When you receive an FHA loan, you are required to purchase mortgage insurance, which protects the lender in case you default on the loan. This is one of the main factors that allow some lenders to offer certain customers an FHA loan at lower interest rates and with less strict requirements that make it easier to qualify for the loan.
Another advantage of an FHA loan is that you may be able to qualify even if you don’t have perfect credit. In addition, the down payment required is often less than for other types of loans.
There are a number of requirements that you must meet to qualify for an FHA loan. While these are far too numerous to list here, some of the basic requirements include a steady employment history, a valid Social Security number and lawful residency in the United States. Other requirements involve your credit score, income and appraisal of the property you wish to purchase.
Please feel free to contact us at Family First Mortgage to find out if you qualify for an FHA loan and learn all of the details about this popular home loan option.