An FHA mortgage is a government-backed home loan with more flexible lending requirements than 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.
One size doesn’t fit all in the world of mortgage lending. Sometimes a specific home may be a better fit with an FHA mortgage even if you qualify for a conventional mortgage. We are able to provide a thorough breakdown of both options and let you make the decision on the best financial move for you.
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.
Benefits and Considerations
Low monthly payments
Low credit thresholds
Requirements and Qualifications
Conventional ARMs typically feature lower interest rates and APRs during the initial rate period compared to fixed-rate loans, but rates could increase or decrease once the initial rate expires.