Are You Eligible for an FHA Loan?
If you live in the Covington, LA area and are interested in obtaining an FHA loan, the professionals at Family First Mortgage can help. Our home loan experts know all of the requirements for FHA loans – so we can help you find out if you qualify for this type of loan.
An FHA loan is a very specific 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 (often referred to as HUD).
An FHA loan is different from most other types of mortgages because it requires you to buy insurance on your mortgage. This mortgage insurance protects the lender in case you default on your loan. This greatly reduces the risks for lenders, allowing lenders to offer their customers an FHA loan at low interest rates. The requirements for obtaining an FHA loan are also less strict than with many other types of loans, making it easier for more people to qualify for an FHA loan.
An FHA loan can provide you with other advantages, as well. You can qualify even if you have less than perfect credit – and the down payment is lower than with many other types of loans.
Certain requirements must be met for you to qualify for an FHA loan. A few of the basic requirements include a good employment history, a valid social security number and lawful residency in the United States. In addition, your eligibility will depend upon other factors including your credit history, your income and obtaining an appraisal of the property that you wish to buy.
Our team of home loan experts will be glad to help you find out if you qualify for an FHA loan. Just give us a call to learn more about this unique home loan option.