Wondering if you qualify to purchase a home? It’s a great time to find out! Primary Residential Mortgage makes first-time home buying easier with our FHA loan options. FHA Loans are geared toward hard-working families with low to moderate incomes, limited financial resources and less-than-perfect credit.
As an established FHA loan lender, our team helps you take the necessary steps to help you finance your own home. Here are some of the benefits of these types of loans:
- Less Challenging Credit Requirements. One of the key advantages of FHA financing is the easier down payment and credit score requirements. The credit requirements for FHA loans are much lower than conventional loans. Individuals who have a minimum credit score of 640 can qualify for our FHA loan. Many conventional loan programs require a higher credit score.
- Lower Down Payment – This is another key advantage of FHA loans. Unlike conventional mortgages that typically require between 5 and 10 percent or more in a down payment, FHA loans require a down payment of only 3.5 percent of the final loan amount. Low down payments encourage people to purchase homes and begin establishing equity sooner. The downpayment is one of the biggest obstacles to homeownership.
- Better Interest Rates – FHA loans provide borrowers with the same interest rate, which means individuals who have issues with their credit won’t face an interest rate penalty. Additionally, these loans offer credit-challenged homebuyers the opportunity to qualify for rates that they are unable to obtain with other home loans. That’s important, because a lower mortgage rate means a lower monthly payment.What are you waiting for? Rely on a trusted FHA loan lender like Primary Residential Mortgage to walk you through each step of getting the affordable home you want. Get started with us today. We look forward to hearing from you! Visit our website to learn more about us: http://pruebainsurance.com