EVER WONDER WHAT AN FHA HOME LOAN IS EXACTLY?
WELL, FOR SPECIFIC INFORMATION RELATING TO YOUR SCENARIO, CONTACT ONE OF OUR EXPERIENCED LOAN ORIGINATORS!
For now, here is some very basic information on FHA home loans:
- FHA stands for Federal Housing Administration
- 3.5% of the loan amount is needed as a down payment for this type of home loan.
- There is mortgage insurance that is paid once at closing and annually, which is added into your monthly payment
- You will still need homeowner’s insurance
- You can apply for a 15-year or 30-year FHA home loan
- The seller concessions cannot exceed 6%
- Credit score requirements are more lenient than other loan programs
Call one of our amazing loan experts today! 704-283-9465 or complete an application by clicking HERE!