FHA LOANS

Brick house

FEDERAL HOUSING ADMINISTRATION LOAN

If you would love to buy a home but lack credit, a down payment, or are unable to cover closing costs, an FHA loan may be the solution. FHA financing was developed to provide homebuyers with an alternative to conventional financing and include attractive and flexible guidelines.

 

FHA Perks:

  • Low 3.5% down payment

  • 100% gift funds – the entire 3.5% down payment can be gifted from parents, relatives or an employer.

  • FHA allows seller to provide up to 6% of the home’s purchase price to an FHA buyer to pay for closing costs and pre-paid costs.

  • Flexible credit qualifying – because this is a government-backed loan, it is possible to qualify for an FHA loan with a lower credit score than on conventional loan programs

  • Upfront mortgage insurance may be financed or paid in cash.

  • FHA may also be an option for borrowers with limited equity looking to refinance.

  • Ability to choose from a fixed-rate or adjustable rate

Phone number- 612-209-7922

Email- Mark@marksvihel.com