The Federal Housing Administration (FHA) backs this type of loan and offers options for borrowers with credit scores that are less than desirable. If you are attempting to fix your credit score or have restricted savings for a down payment, then this loan may be just the thing to help you own your own home.
FHA Loans may be the perfect fit for…
- Borrowers with less than desirable credit scores.
- Borrowers with limited savings.
- Borrowers with low to moderate levels of income.
Less than desirable credit score requirements
Even homebuyers with past foreclosures or bankruptcies may still qualify.
Fixed mortgage rates
Avoid surprising rate hikes. With fixed rates, this loan gives borrowers certainty around your monthly mortgage payment.
Competitive Interest Rates
Home buyers with credit scores considered less than perfect may qualify for competitive mortgage rates.
FHA 203(k) options available
FHA 203(k) can not only assist with financing new homes but renovation costs as well.