5 FHA Home Loan Facts- blownmortgage.com

FHAHOME LOAN

FACTSBLOWNMORTGAGE.COM

LENDER HOTLINE: 888-581-5008

http://sctrak.com/bmss

1. Credit ScoreMost lenders will have a minimum credit scorerequirement which borrowers are required tomeet before being qualified for the FHA loan.The down payment amount will depend on theborrower’s credit score. A borrower who has acredit score of 580 and up will most likely haveto put at least 10% down.

BLOWNMORTGAGE.COM LENDER HOTLINE: 888-581-5008


2. FHA Down PaymentFHA home loan program has the3.5% down payment option. That isof course if you meet the qualifyingcredit score.



3. FHA Closing CostsAnother benefit to the FHA home loan ishaving your closing costs covered bythe seller, builder, or your lender. Ifyour lender agrees to pay the closingcosts they will most likely charge you ahigher interest rate.



4. FHA Approved LendersThe FHA loan program is more of aninsurer than an actual lender. Thismeans that to use the FHA home loan,your lender must be FHA approved.



5. 203(k)Need to make some repairs to your home orjust renovating?

Using the 203(k) will allow a borrower tofinance up to $35K for nonstructural repairs,such as, replacing fixtures, remodelingcabinets, and painting.



T O L E A R N M O R EBLOWNMORTGAGE.COM


C L I C K H E R E



Justin McHood is Americas MortgageCommentator and has been providing

Mortgage commentary for over 10 years.

INFORMATION PROVIDED BY:Justin McHood

Mortgage Commentator


http://mortgagecommentator.com/

LEARN MORE ABOUT MORTGAGE COMMENTATOR:

MORTGAGECOMMENTATOR.COM

FACEBOOK.COM/MORTGAGECOMMENTATOR


@MORTGAGECOM_


http://mortgagecommentator.com/

https://www.facebook.com/MortgageCommentator/

https://twitter.com/mortgagecom_

Date post:	12-Apr-2017
Category:	Real Estate
Upload:	mortgage-commentator
View:	351 times
Download:	0 times

5 FHA Home Loan Facts- blownmortgage.com

Real Estate