Part of being a truly local mortgage lender is the ability to help people with less than perfect credit history obtain a loan for a home, and one of the most common ways to achieve this is the FHA Mortgage Loan. FHA Mortgage Loans are simply loans that are structured to protect lenders through the use of mortgage insurance (commonly referred to as PMI) as an extra layer of financial security.
Because of this extra protective measure, FHA loans allow lenders to offer loans at more attractive interest rates to a wider variety of potential buyers with less stringent and more flexible requirements.
While a minimum credit score is usually still needed to obtain an FHA loan, the amount needed for a down payment is commensurate upon that credit score, and borrowers with decent credit can usually purchase a home with a smaller down payment.
For qualified buyers, the minimum down payment can be as low as 3.5% of the purchase price of the home on FHA mortgage loans. While down payments can be paid with no penalty by the homebuyer from their own savings, or from a gift or loan from a relative, there are state and federal grants for down payment assistance that you may qualify for.
Our team is ready to talk to you today and help you write your success story. Brittany Fitch at InterTrust Mortgage will customize a plan and work closely with you to ensure that you get a house that works for your budget and your family. We have a decade of experience creatively and flexibly securing loans for our customers. Call us today. Let’s Make a Plan.