Federal Housing Administration Loan (FHA Loan)
Are you a first time homebuyer or Are you interested in buying a house but you have a less than perfect credit score? Don’t worry, you may still have a chance to live the dream of owning your own house.
With an FHA Loan it makes it easier to purchase a home compared to a regular mortgage loan.
An AMS Brokers can facilitate that possibility, we are here for you!
What exactly is an FHA Loan?
“An FHA loan is a mortgage issued by an FHA-approved lender and insured by the Federal Housing Administration (FHA). Designed for low-to-moderate-income borrowers, FHA loans require a lower minimum down payment and credit scores than many conventional loans” (ref.investopedia.com)
With a credit score of 580 you qualify for a loan of 96.5% of the value of the house only requiring from you a 3.5% down payment. However, if your credit score is between 579-500 you will need to leave a 10% down payment. Call us today, AMS Brokers will answer any questions and can begin your process towards obtaining your house today!
FHA guarantees the loan as long as you fall under the qualifications. With part of the qualification you will be required to purchased mortgage insurance and pay the premium to the FHA. This ensures that in-case you fall default on your loan, FHA will pay the lender. Call us today, AMS Brokers are here for you.
Keep in mind, you can be automatically disqualified if you are delinquent on federal student loans or your income taxes. If you had any foreclosures you would have to be at least 3 years removed from the event and will have to show you are working to re-establish good credit.
If you find yourself in the place you feel you qualify for this loan, don’t keep waiting. AMS Brokers will be more than happy to help you through handing you over the keys to a new place you get to call your own.
Home Sweet home.
AMS Holdings, NMLS#237570, 800-695-5626