If you're one of the many Americans in the market for a new home, and worried you may not qualify for a loan, don't give up! An FHA loan might be just what you're looking for.
The flexible qualifying standards and low down payment requirements of an FHA loan may make it a good option for you. A popular homebuyer's choice, FHA loans are designed to assist home shoppers by offering low down payment requirements and flexible qualifying standards. These liberal guidelines are made possible as the Federal Housing Administration (FHA) insures the loans granted by FHA-approved lenders, thus making these loans less risky to lenders.
Let's take a look at the unique features of an FHA loan to see if this type of loan is right for you.
Low Down Payment: FHA offers down payment options as low as 3.5 percent, and allows the funds to come from a family member, charitable organization, or even an employer.
Easier Qualifying & Credit Standards: Because of the added security provided by FHA, lending guidelines are more relaxed. For example, a minimum credit score of 640 is acceptable under FHA guidelines. Additionally, people who have undergone bankruptcy or foreclosure may have a chance to qualify for an FHA loan after a two-year waiting period, providing the remaining requirements can be met.
Co-Signing Flexibility: FHA allows a co-borrower to help you qualify even if the person doesn't live in the home. This is a popular benefit for many first time homebuyers.
Loan Maximum: The maximum FHA loan amount varies by county and by year. The 2014 FHA loan limit for Fresno county is $281,750 for a single-family home.
A wide array of new McCaffrey Homes qualify for FHA financing. Purchasing a new home could be within your reach. Contact the mortgage experts at McCaffrey Home Mortgage to see if an FHA loan is right for you. Call them at (559) 256-7050.
The flexible qualifying standards and low down payment requirements of an FHA loan may make it a good option for you.
