FHA home loans are federally insured by the Federal Housing Administration and are ideal for individuals who have minimal funds for a down payment or less than perfect credit. FHA loans promote homeownership.
If any of the following applies to you, then you may be an ideal candidate for an FHA loan:
- You’re a first-time homebuyer.
- You don’t have a lot of money to put down on a house.
- You want to keep your monthly pay-ments as low as possible.
- You’re worried about qualifying for a loan.
- You don’t have perfect credit.
Benefits and Features
- Lower down payment requirements, as compared to some traditional loans.
- No prepay-ment penalty.
- More flexibility with credit and income requirements.
FHA loans require an Upfront Mortgage Insurance Premium (UFMIP) plus an annual Mortgage Insurance Premium (MIP) that is collected as part of the monthly payment. Down payment requirements also subject to occupancy status and credit score of the borrowers.
I can help you determine if an FHA loan is right for you.
– Ray Batalona, BECU Mortgage Advisor, 425-609-5481. Equal Housing Opportunity Lender. NMLS #116652