Is an FHA loan one of them?
What is an FHA Loan?
An FHA loan is a mortgage loan insured by the Federal Housing Administration, or FHA. People who borrow through the FHA program pay for private mortgage insurance, or PMI, which protects the lender if the buyer fails to pay on the loan.
What is the Down Payment on an FHA Loan?
If you borrow with an FHA loan, you can make a down payment as low as 3.5 percent of the home’s purchase price. That’s a significant amount less than the traditional 20 percent down payment that many loan programs ask you to pay.
Credit Scores for an FHA Loan
You’ll need a credit score over 580 if you want to use an FHA loan. For many people, an FHA loan is the only option because the program allows for major derogatory credit issues such as foreclosures, bankruptcies, and short sales in the past.
Are You Buying a Home in Port Aransas?
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Call us at 361-563-7788 or get in touch with us online to tell us what you want from your next home. We’ll begin searching right away.
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