What is an FHA loan?
They’re loans that are insured against default by the Federal Housing Administration. The average borrower will find FHA loans easier to qualify for than non-government-insured or conventional loans.
Who should get an FHA loan?
Almost anybody can qualify for a loan. There are no income limits – like you may find with first-time home-buyer programs. Borrowers are only limited to modest loan amounts relative to home prices in their area. In addition, you have to have outstanding credit.
What are the pros and cons of FHA loans?
- Allows borrowers to buy a home with a down-payment as small as 3.5%
- Easier to use gifts for down payment and closing cost
- Possible leniency during financial hard time
- Lenders may not provide enough money if you need a large loan
- The mortgage insurance premium can cost more than private mortgage insurance.
- More paperwork-intensive than conventional loans
Why Trust Providential?
We’ll save you more money and will offer you low interest rates compared to the competition. If you apply for an FHA loan online, you can save cash on your home loan and closing fees.
Providential has helped tens of thousands of borrowers find the perfect home loan option for them. Apply online today!
Other Loan Options:
- 30 Year Fixed Rate Mortgage
- 15 Year Fixed Rate Mortgage
- Jumbo Mortgages
- Reverse Mortgages
- ARM Loans
- VA Home Loans
- Interest-Only Loans
- USDA Home Loans
- 203K Loans
- HELOC Loans