Making Homeownership Accessible
An FHA mortgage is a type of home loan insured by the Federal Housing Administration (FHA), a government agency. It is designed to make homeownership more accessible for borrowers who may have difficulty qualifying for conventional loans.
Benefits of working with us:
Here are some of the benefits of working with us:
- We’ll help you get prequalified for a loan.
- We giving you a clear understanding of your purchasing power.
- Our team provides g support throughout the FHA mortgage process.
- We keep you informed every step of the way.
- We ensure a smooth and stress-free experience.
Low Down Payment
One of the primary benefits of an FHA mortgage is the low down payment requirement. Borrowers may be able to qualify with a down payment as low as 3.5% of the home’s purchase price, making homeownership more attainable.
Flexible Credit Requirements
FHA mortgages are known for their more lenient credit requirements compared to conventional loans. Borrowers with lower credit scores or limited credit history may still qualify for an FHA loan, giving them access to the benefits of homeownership.
Mortgage Insurance
FHA loans require mortgage insurance premiums (MIP) to protect lenders in case of borrower default. While this adds to the overall cost of the loan, it allows borrowers to qualify for financing with smaller down payments and lower credit scores.
Other Services
At Impact Mortgage, we believe everyone deserves a place to call home. Get started today!
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