What is a FHA Loan?

By
Real Estate Broker/Owner with Keith Furrow and Associates Realty BK525383

There are many types of loans out there to help make the dream of homeownership a reality for home buyers.  For those homebuyers that don't have a large sum for a downpayment, there is a great loan program that they can benefit from.  One of these loan programs is FHA.  A FHA loan is a loan that is insured by the Federal Housing Administration, thus giving the borrower credibilty with lenders.  FHA insured loans are a type of federal assistance and have historically allowed lower income Americans to borrow money for the purchase of a home that they would not otherwise be able to afford. Like any other loan program you must qualify for a FHA loan. Here are other things you should know about a FHA Loan:

1.- A FHA loan requires only a 3.5 percent down payment and you can get that down payment as a gift. However if your credit score is close to the minimum you might have a higher downpayment requirement.

2.-Sellers can contribute to closing costs.

3.-Be prepared when applying for an FHA Loan.  You will need to have your income very well documented.

4.- FHA minimum credit score is 530

For more information on the FHA loan or to see if you qualify, give us a call and we will be happy to give you the best real estate service you can receive in the Emerald Coast.

Posted by

Keith Furrow, CRS

850-462-8173 Direct
Keith Furrow and Associates Realty

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Rainmaker
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Kathy Stoltman
Balboa Real Estate - Ventura, CA
Ventura County Real Estate Consultant 805-746-1793

Hi Keith, FHA loans are wonder loans for first time home buyers. 

Feb 01, 2013 04:09 AM #1
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