Great Rates and Flexible Loan Options
First-time homebuyer with a lower credit score? Strong credit score with significant debt? Applying for an FHA loan might be your best bet! Insured by the Federal Housing Administration (FHA), FHA loans offer low interest rates, affordable down payments and reasonable closing costs. While new FHA loans entail mortgage insurance throughout the loan’s lifetime, they can provide flexible credit qualifying standards for those purchasing principal residences. With a high debt-to-income ratio, the FHA gives home buyers the added option of qualifying for larger loans in the future.
When it comes down to brass tacks, the purpose of the FHA is to encourage home ownership by insuring mortgage loans made by Park Mortgage’s network of approved FHA lenders. The FHA leverages risk and promotes favorable loan terms by government-backed repayment of approved lenders in the event of a borrower default.
Park Mortgage FHA loan features include:
15, 20, 25 and 30-year fixed-rate amortization terms
Credit scores as low as 600 can qualify
Available in a variety of fixed-rate and adjustable-rate loan options
Initial down payments as low as 3.5% of the home’s purchase price
May allow you to use a gift or grant for all or a portion of the down payment or closing costs
Maximum mortgage limits vary by state and country. Contact to find out what your area limits are.
Want to learn more about Park Mortgage and our FHA Loan Program? Contact us today to get the ball rolling.