Education Loan
FHA home loans are designed to help those with low to moderate incomes purchase homes. Because these mortgages are backed by the Federal Housing Administration, they allow homebuyers who typically wouldn’t be approved for a conventional loan to receive the financing they need. With flexible options and requirements, FHA loans are attractive to many homebuyers — especially first-time buyers.
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Is an FHA loan right for you?
Ideal for first-time homebuyers or people with less capital for a down payment, newly established careers, or less than perfect credit. Our Mortgage Consultants are here to help you find out. Contact us today . We’re committed to setting you up for success so you can get approved on a mortgage that’s right for you.
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FHA Requirements
- While FHA loans aren’t only for first-time homebuyers, the qualification requirements were made with you in mind. - Flexible FICO credit score requirements (starting at 580) - Minimum down payments of only 3.5% - No previous homeownership in the last 3 years - The home must be your primary residence for 12 months
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FHA Loan Benefits
The program’s simple requirements are matched with a great set of benefits appealing for all who qualify. - No minimum income requirements - Funding available for home repair or improvements (FHA 203k loans) - No prepayment penalties - Gift funds allowed for the down payment - Options for seller-paid closing costs - Fixed- and adjustable-interest rate options available
Advantages of FHA Loans
- The DTI and credit score requirements are more relaxed than those of other loan types.
- Lower down payments.
- Increased allowance for closing cost financing.
- Good for first-time homebuyers.
FRED SABOORI
NMLS #910613
FireStone Financial Group
4010 Moorpark Ave #104, San Jose, CA 95117