An FHA home loan can be a great option for homebuyers looking for flexible qualification requirements and a lower down payment. Insured by the Federal Housing Administration, FHA loans are commonly used by first-time homebuyers, but you do not have to be a first-time buyer to qualify.
Qualified borrowers may be able to purchase a primary residence with as little as 3.5% down, depending on credit and other requirements. FHA financing may also provide more flexibility for borrowers with lower credit scores, higher debt-to-income ratios, or previous credit challenges compared with some conventional loan programs.
As a mortgage broker with access to more than 160 lending sources, I can compare FHA loan options from multiple lenders rather than limiting you to the guidelines and pricing of a single bank. Down-payment assistance programs may also be available for eligible borrowers who need help with upfront costs.
Whether you’re buying your first home, returning to homeownership, or have been turned down elsewhere, let me review your situation and determine what FHA financing options may be available.