An FHA mortgage is a government-backed home loan with more flexible lending requirements than those for conventional loans.
FHA loans are insured by the Federal Housing Administration (FHA) and may have an easier qualification process due to less stringent down-payment and credit requirements than conventional mortgages. Note: If you're a current military member or veteran, you may be eligible for a VA home loan with little or no downpayment.
FHA mortgages generally require a minimum down payment of 3.5%.
One of the benefits of the FHA loan program is that home buyers may qualify even without a long credit history or outstanding credit.
Many borrowers with newly adjusting ARMs look to refinance into fixed-rate FHA or Conventional mortgages. Learn more about your refinance options.
An FHA mortgage may be a good fit if your credit is not up to the requirements of a conventional loan or you have limited cash for a down payment. Contact Residential Funding Consultants to learn more and find out which mortgage option may be the best fit for you.
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