FHA loans have made it possible for many first time home buyers to qualify for a mortgage with their less stringent credit and down payment requirements. With FHA backed home loans, you can get a mortgage with a down payment as low as 3.5% and when it comes to credit history, people with a credit score as low as 580 can qualify for them.
However, in order to take the advantage of the low down payment clause of FHA home loans, a FICO score of 580 is necessary. If it gets any lower than that, you can still qualify for an FHA loan, but with a 10% down payment.
So, if you are planning to buy a home with the help of FHA backed mortgage and your credit score doesn’t meet the minimum requirements, you should weigh the pros and cons of putting up a larger down payment or you can wait and get your credit in shape first.
The reason FHA loansare so popular is because of the immense benefits they offer to the prospective homeowner. Let us know about these benefits in detail: Benefits of FHA Loans
Easier to Qualify: While most conventional loans shut their doors for people with questionable or low credit score, FHA loans welcome such applicants.
Competitive Interest Rates: You might have heard horror stories of people not being able to cope up with the interest rates on their mortgage loans, but FHA mortgage loansare not like that as they generally offer lower interest rates to help homeowners easily afford the monthly payments.
Low Down Payment: While most conventional loans demand down payment as high as 20%, you can get an FHA home loan with a down payment of just 3.5%.
If you are looking to apply for an FHA backed home loan, contact All Western Mortgage on 702-850-2790 or visit http://www.awmlending.com/loans-FHA.php
Contact Us Address: 8345 W Sunset Rd, Suite 380 Las Vegas, NV 89113 Phone: 702-850-2790 Fax: 702-906-0153 Email: email@example.com Web: www.awmlending.com