Do You Qualify for an FHA Loan?
If you are a resident of the New Orleans, LA area you may qualify to receive an FHA loan. The mortgage lending experts at Family First Mortgage have the expertise to help determine if you are eligible for this type of loan and discuss all the requirements with you.
Following are the basic facts about an FHA loan. This particular type of mortgage is different from others because it is insured by the Federal Housing Administration (FHA). The FHA is an agency of the United States Department of Housing and Urban Development (know by many as HUD).
With an FHA loan, you are required to buy mortgage insurance. This type of insurance protects the lender in case you fail to repay your loan (or “default” on the loan). The insurance is what allows some lenders to offer an FHA loan at lower interest rates, because their risk is greatly reduced. In addition, the requirements for an FHA loan are less strict – which makes it easier for people to qualify for the loan.
There are other advantages to receiving an FHA loan. You may be able to qualify for the loan even if you have some credit problems – and the down payment is typically lower than with other types of loans.
To qualify to receive an FHA loan, you must meet a number of requirements. A few of the basic requirements include being a lawful resident of the United States, having a solid employment history and having a valid Social Security number. Your eligibility to receive an FHA loan may also depend upon your income, credit history and getting an appraisal of the home you want to buy.
We invite you to give us a call if need help determining if you qualify to receive an FHA loan. We’ll be happy to give you more detailed information about this unique type of loan.