What are FHA Loans?

FHA loans are insured by the Federal Housing Administration and enable borrowers to purchase a home, typically for those who might not qualify for conventional mortgage loans. Homebuyers who seek an FHA loan have lower down payment requirements. The down-payment can be gifted, and non-occupying co-borrowers are allowed. Requirements for credit scores are lower than typical loans as well. With FHA loans, closing costs are generally paid by the seller.

FHA Loan Requirements:

  • FHA-approved appraiser must examine the home
  • Only primary residences will be considered for new FHA loans (no investment properties or second homes)
  • Buyer must occupy the property within 60 days of closing
  • Inspection report must show whether it meets the minimum property standards

Down payments, mortgage insurance, credit score, loan limits, and income requirements still apply to FHA loans. The interest rates for FHA loans are comparable to traditional mortgages, depending on your income, credit score, borrowing amount, down payment, DTI ratio, and more. If you’re in the market for an FHA loan, contact our experts today. We can walk you through each step of the mortgage process and help you determine which loan is right for you.

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Interested in Learning More about MORTGAGE LOANS?

For more information about mortgage loans, call the EB Mortgage experts at (616) 228-8797, e-mail at contact@ebwmtg.com, or apply online today!

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