You May Be Eligible for an FHA Loan
If you are a resident of the Lake Charles, LA area who is interested in an FHA Loan, Family First Mortgage is here to help. Our mortgage lending experts can help you find out if you are eligible for an FHA loan and discuss the requirements and details with you.
Precisely what is an FHA loan? This is a type of mortgage that is insured by the Federal Housing Administration (FHA). The FHA is an agency that is part of the U.S. Department of Housing and Urban Development (HUD).
As a recipient of an FHA loan, you will be required to purchase mortgage insurance. The purpose of this insurance is to protect the lender should you default on your loan. This type of insurance is one of the major reasons why certain lenders are willing to offer customers an FHA loan at lower interest rates – as well as having requirements that are easier to meet in order to help people qualify for the loan.
An FHA loan offers other advantages including the ability to qualify even if your credit is not perfect – and the down payment is often less than it would be for other types of loans.
The list of requirements that must be met to qualify for an FHA loan is too extensive to discuss here. However, a few of the basic requirements include a valid Social Security number, a history of steady employment and lawful residency in the U.S. Other requirements involve issues such as your income, credit history and getting an appraisal of the home you want to buy.
The experts at Family First Mortgage would be happy to discuss your qualifications for an FHA loan. Feel free to call us to get detailed information about this specialized type of home loan.