FHA loans have been helping people become homeowners since 1934. The Federal Housing Administration (FHA) insures the loan so your lender can offer a wider variety of loan options, which creates more benefit for FHA borrowers. With a smaller down payment, buyers can purchase a home because FHA loans can make it easier for people to qualify for a mortgage.
With no income limits, lower credit score minimums, and higher allowable loan to value ratios, an FHA loan is a great fit for many of today’s borrowers. However, there are limits on how much you can borrow relative to the location of your property. In general, you’re limited to loans relative to home prices in your area. To qualify for an FHA loan, you’ll need to have a reasonable debt to income ratio. In addition, you need an average credit score.
Wyndham Capital Mortgage is not associated with any government agency.
Contact us today to get started: