FHA Loans

FHA Loans

FHA

  • Federal Housing Administration (FHA) loans are federally backed mortgages designed for homeowners who may have lower-than-average credit scores.
  • FHA loans require a lower minimum down payment and a lower credit score than many conventional loans do.
    • you’ll need to make a down payment of just 3.5%
    • You’ll need a credit score of at least 580 to qualify
      •  If your credit score falls between 500 and 579, you can still get an FHA loan as long as you can make a 10% down payment.
  • Federal Housing Administration loans are issued by FHA-approved banks and lending institutions; these institutions will evaluate your qualifications for the loan.
  • In order to secure the guarantee of the FHA, borrowers that qualify for an FHA loan are also required to purchase mortgage insurance, and premium payments are made to FHA.
    • you will make annual MIP payments for either 11 years or the life of the loan, depending on the length of the loan and the LTV.

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Velocity Lending

Office NMLS 1405948
Josh Lyon NMLS 790025