Odds are if you’ve made it to this page, you’re curious about the details of an FHA loan and if you qualify. An FHA loan is a home loan that is insured through the Federal Housing Administration. These loans are popular because they allow you to put less money down and are widely available for people of all income levels. Additionally, it’s sometimes possible to use funds from a grant or gift toward your down payment.
With an FHA loan, what do you need to do to qualify and how much can you borrow? First, your credit score needs to be a minimum of 580, and you’ll need the finances available to pay your mortgage insurance up front and during the term of the mortgage. Also, your down payment needs to be a minimum of 3.5 percent
Want to know if an FHA loan the smartest move for you and your situation? The friendly professionals at Michelle McGregor Home Loans can help. With over 10 years of experience, we can answer any questions that may come up and match you with the home loan that works best for you. Reach out to us online or by phone today!