See how FHA loans can make homeownership more accessible.
Have you ever wondered what an FHA loan is? FHA loans are government-backed loans offered by the Federal Housing Administration. These loans are geared towards first-time homebuyers, but anyone can get an FHA loan for a primary residence. This makes them accessible to a wide range of buyers, not just those buying their first home.
“The minimum credit score required for an FHA loan is generally 580. ”
An FHA loan is an excellent option for buyers who may not have the financial resources for a large down payment or who have less-than-perfect credit. These loans are also forgiving towards those with a higher debt-to-income ratio. The minimum credit score required for an FHA loan is generally 580. However, lower credit scores can qualify, but they require a higher down payment.
One of the most attractive features of an FHA loan is the minimum down payment requirement, which is only 3.5%. This downpayment can come from the buyer’s funds or be entirely gifted by family members. This flexibility can make it easier for many buyers to secure a home.
Now the question is – how do you apply? To apply for an FHA loan, you can contact Tim Lammers at Waukesha State Bank. If you have any questions, feel free to reach out to him directly or contact me here at The Roth team. Happy house hunting!
