What is an FHA Loan?
Federal Housing Administration (FHA) loans are insured by the government and are the easiest type of loan to qualify for. This helps Carrington extend financing to borrowers who do not qualify for a conventional home loan.
FHA loans are popular because they offer lower down payment loans, as low as 3.5% of the purchase price, and competitive interest rates. FHA loans also offer flexible qualifying guidelines to those with lower credit scores.
Is an FHA Loan Right For Me?
Each situation is different but you should consider an FHA loan if any of the following apply to you:
- Looking to purchase a home
- First-time home buyers
- Borrowers with a low credit rating
- Less than perfect credit history
- Credit score as low as 500 may qualify
- Borrowers with a low downpayment
Some of the benefits of an FHA loan are:
- Lower monthly mortgage payment
- Gift funds are allowed
- 15 & 30-year loans
FHA Also Offers:
FHA 203k Streamline
The FHA 203k Streamline loan allows borrowers to finance the purchase or refinance of an existing home and make improvements or upgrades up to $35,000. $5,000 minimum repair costs required.
FHA 203k Full
The FHA 203k Full loan program allows borrowers to finance the purchase or refinance of an existing home and complete major renovations, rehabilitation or improvements, including structural repairs.
How Do I Get an FHA Loan?
Once you have decided an FHA loan will fit you best, contact us and speak with a Carrington loan officer. We will be happy to walk you through the application process.