If you are shopping for a home and would like to learn more about the benefits and advantages of FHA loans, contact our team at 828-348-1907 today.
An FHA loan acts as a gateway to homeownership for individuals with lower incomes, lower credit scores, or minimal down payments. Borrowers choosing an FHA loan are eligible for a loan with as little as 3.5% down with a mortgage insurance premium. FHA loans have been making homeownership more accessible for decades.
The Federal Housing Administration (FHA) program originated during the Great Depression of the 1930s, when the rates of foreclosures and defaults rose sharply. The FHA is the largest insurer of residential mortgages, insuring tens of millions of properties since 1934 when it was created. Now the FHA primarily serves people who cannot afford a conventional down payment.
MIP (mortgage insurance premium) is required.
Also known as Private Mortgage Insurance (PMI), this protects the lender in case you default on your mortgage.
The home must be the borrower’s primary residence.
FHA loans can only be used for a primary residence (instead of an income property or vacation home). An FHA-approved appraiser has to evaluate the property and ensure it meets FHA properties’ Housing and Urban Development guidelines.
The borrower must have proof of a steady income and employment.
These are the employment requirements for FHA loans per the FHA handbook. The standard procedure for FHA-approved lenders is to verify employment with the current employer.
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