If you’re a first-time homebuyer, an FHA loan may be the right loan for you.
An FHA loan is insured by the Federal Housing Administration and protects lenders from financial risk. Lenders have to meet certain criteria for their loans to be termed “FHA-approved,” after which the FHA backs the loans the lender issues in case a borrower defaults on the mortgage. Borrowers must also meet requirements to qualify for one of these loans.
Why are FHA loans good options for first-time homebuyers? Because other home loan programs generally have higher credit score and down payment requirements, FHA loans are a great option for first-time homebuyers who have not had as much time to save for a large down payment or meet the credit score requirements.
Of course, are some other considerations to make before jumping in.
Additional fees as well as private mortgage insurance add to the cost of the mortgage, and you may have a higher interest rate.
If you are ready to consider an FHA loan to help you make your first move, contact Universal Lending today to get started down the path of homeownership. We’ll discuss all of your home loan options with you so you find the right loan for you.
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Published by Universal Lending Home Loans
Universal Lending Corporation was founded nearly 40 years ago on the principle that our customers deserve individual and specialized attention throughout the mortgage process. We embrace our passion for customer care, and educate and empower each potential home buyer throughout the entire process, so they make informed, considerate decisions that ensure their home mortgages fit their budgets and keep their families financially secure.
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