FHA Mortgages (Federal Housing Administration)

FHA Mortgages (Federal Housing Administration)

The FHA Mortgage is meant to ease the burdens on a lender’s shoulder. Issued by an FHA approved lender, the FHA insured loan is specially designed for low-to-moderate-income borrowers. Moreover, what sets the FHA loans aside is that it accepts lower credit scores and minimum down payments than the conventional loans available in the market. The FHA insured loan acts like a protection for the lenders in cases of defaults on payments

Understanding FHA Insured Loans

FHA loans are different from other conventional loans. They require you to pay two types of mortgage insurance premiums- an Upfront Mortgage Insurance Premium (UFMIP) and an Annual Mortgage Insurance Premium.

How Can I Qualify For An FHA Loan?

To become eligible for an FHA loan, you need to make sure you have a minimum 3.5% down payment, a FICO Score of at least 580, steady employment history, and a debt-to-income ratio of no more than 50%. Ensure that you have money to pay the UFMIP. The UFMIP amount is typically 1.75% of your loan amount. Moreover, you must also have money to cover the closing costs. The closing cost can range from 2% to 6% of the purchasing price.

Federal Housing Administration Mortgage Through Whittaker Gregory Burton

Whittaker Gregory Burton not only makes sure you get an FHA loan, but it also ensures that the journey to get the loan is quick and hassle-free. The FHA loan offers a myriad of benefits, and WBG ensures you get all of them. You can get an FHA loan even with a low credit score. Had a bankruptcy in the past? No worries when you have Whittaker Gregory Burton by your side. With WGB, you can easily access an FHA loan

Moreover, there is no pressure for you to pay high down payment amounts. You can easily enjoy the loan with a down payment as low as 3.5%. Now imagine getting all these benefits in more straightforward, hassle-free steps! Yes, you get it with Whittaker Gregory Burton.