An FHA loan is a mortgage insured by the Federal Housing Administration, designed to help borrowers with lower credit scores or limited savings for a down payment. Here are some key features and requirements:

Key Features of FHA Loans:

• Low Down Payment: You can qualify with as little as 3.5% down if your credit score is 580 or higher.
• Flexible Credit Requirements: Borrowers with credit scores between 500 and 579 may still qualify, but they need a 10% down payment.
• Mortgage Insurance Premium (MIP): FHA loans require both an upfront and annual mortgage insurance premium.
• Primary Residence: The property must be your primary residence.
• Debt-to-Income Ratio: Generally, lenders prefer a DTI of 43% or lower, though exceptions may apply.

Advantages:

• Easier qualification compared to conventional loans.
• Competitive interest rates.
• Options for first-time homebuyers or those with financial challenges.

Disadvantages:

• Mandatory mortgage insurance premiums.
• Loan limits vary by location and may not cover high-cost properties.

If you’d like, I can help you explore FHA-approved lenders or calculate your eligibility based on your financial details. Complete the mortgage application sign up form to get started. Once completed we will contact for further details.