What is an FHA Mortgage?
I am back with my second article in the series I am presenting to buyers defining and explaining the different types of mortgage loans available to you in purchasing your home.
I am all about keeping you, the buyer, up-to-date on the best loan product for your needs. I am a phone call or text message away from answering any questions you may have about FHA loans or any other loan product.
An FHA loan is a type of government insured mortgage. These loans do not require a large down payment and have many advantages over conventional loans. Included in these advantages are a lower credit score, higher debt-to-income ratios, forgiveness of previous credit issues.
An FHA insured home loan is one of the best loan choices available today for any homebuyer seeking a low-down payment combined with relatively easy qualifying standards. The Federal Housing Administration (FHA) is part of the U.S. Department of Housing and Urban Development (HUD).
FHA does not actually make the loan. The loan is funded by an approved FHA lender and VanDyk Mortgage is approved to make the loan.
What is Up with the Sudden Popularity of FHA Loans Again?
These loans have become easier to qualify for while offering a lower down payment than conventional loans. FHA loans have become more competitive.
At the end of the day, there are many differences between an FHA loan and a conventional mortgage and again I am a phone call away from explaining these differences to you. You can reach me at 813-361-6350 and together we can discuss the best loan program that will fit your financial needs.