FHA Home Loan

FHA Home Loan

FHA loans can help buyers get into a home with a lower down payment. One of the biggest obstacles for first time homebuyers is saving up for a down payment on a home. An FHA Home Loan can help you get into a home with a small down payment. Buyers may get into a new home with as little as 3.5% down. This type of loan provides a loan that is government-insured and has flexible loan options and are backed by the U.S. Federal Housing Administration. Lenders that provide FHA loans provide funding for home purchases and require a lower down payment.

Additionally FHA loans, because they are backed by the U.S. government, does not require PMI. Typically a conventional loan with a lower down payment will require the borrower to get private mortgage insurance. This insurance protects the lender just in case the borrower defaults on the loan. The cost of PMI is added to the monthly payment until the amount of the loan reaches 20%.

What is required for an FHA Loan?

Many of the same documents are required for an FHA loan: employment history, appraisal, debt-to-income ratio. There are few additional stipulations that are attached to the FHA loan process. Buyers may have to bring 3.5% of the purchase price as a down payment or more if they have a credit score below 580. Plus FHA loans are only available for the borrower’s primary residence.

Each lender looks at individual applications and may ask for additional documentation or explanations. Credit requirements may also be lower for FHA loans, given other factors demonstrate that the borrower is able to manage their money responsibly. They are often able to work with buyers with a lower credit score or shorter credit history.

Have questions? Give Us a Call! One of our mortgage specialists would be happy to answer all of your questions.

**Nationwide Mortgage Bankers Inc. is not affiliated with or acting on behalf of or at the direction of FHA, VA, USDA or the Federal Government.

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At Nationwide Mortgage Bankers, Inc., we treat each customer as an individual, not a number. At Nationwide Mortgage Bankers, Inc. we don't use a formula to obtain your loan - we use common sense. This ensures that you will obtain the best loan possible at the lowest possible rate.

Company NMLS: 819382

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Nationwide Mortgage Bankers, Inc

Corey Margulefsky
3 Huntington Quadrangle Suite 403N
Melville, NY 11747

Toll Free: 1-800-431-1705
Local 1-516-584-1473


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