USING AN FHA LOAN
For borrowers with a lower credit score, getting assistance when trying to buy a new home is understandably difficult. When using an FHA loan, you won’t be immediately disqualified for having a lower credit score. Underwriters will usually review credit and financial histories for the past 1 to 2 years for all applicants. With a mortgage (that is funded by an FHA loan), homebuyers must make a down payment of at least 3.5% of the final sales price. Total costs for an FHA loan approval are generally between 6 to 8% of the sales price after covering the down payment, closing costs, taxes, and insurance.
FHA loan applicants must have a steady employment history, along with a valid Social Security number. The property must be assessed and approved by an appraiser to be able to qualify.
To learn more about an FHA Loan, contact USAFC Realty.
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