Find Out if You’re Eligible for an FHA Loan
If you are interested in getting an FHA loan, the mortgage lending professionals at Family First Mortgage are here for you. We’ve helped numerous customers in the Mandeville, LA area find out if they are eligible to receive an FHA loan – and we can do the same for you.
Here’s a little basic information about an FHA loan. This is a specific type of mortgage that is insured by the Federal Housing Administration. This is an agency that is part of the U.S. Department of Housing and Urban Development (which many people know as HUD).
What makes an FHA loan different from many others is the fact that it requires you to purchase mortgage insurance. The insurance is a way to protect the lender should you fail to repay the loan (also known as “defaulting” on a loan). Because of this insurance, some lenders are more willing to offer their customers as FHA loan at low interest rates. In addition, the requirements may be less strict, which can make it easier to qualify for an FHA loan.
Other advantages of an FHA loan include a lower down payment than for other types of loans – as well the ability to qualify for the loan even if you have a few problems with your credit.
You must meet certain requirements to be able to qualify for an FHA loan. Some of the most basic requirements include having lawful residency in the U.S., a valid Social Security number and a solid history of employment. In addition, your eligibility may depend upon your income, credit history and an appraisal of the home you want to purchase.
At Family First Mortgage we are experienced at helping our customers obtain FHA loans – and we can help you as well. Feel free to call us anytime to learn more about this unique home loan option and whether you qualify for a loan.