Are you ready to make homeownership a reality? An FHA loan could be the perfect fit for you! This government-backed loan makes it easier for first-time buyers and those with less-than-perfect credit to secure their dream home. Whether you're looking for a cozy starter home or a larger space for your family, an FHA loan opens the door to a wide range of possibilities.
Benefits:
- Low Down Payment: With an FHA loan, you can put down as little as 3.5% of the purchase price, making homeownership accessible without a huge savings account.
- Seller Assistance: Sellers can contribute up to 6% of the closing costs, making buying a home more affordable.
- Lower Credit Standards: FHA loans have more lenient credit score requirements and loan-to-value ratios, though a steady income and proof of employment are still important.
- Competitive Rates: FHA rates are generally competitive with conventional mortgage rates.
- Local Processing and Closing: Truity Credit Union services your loan locally from origination to your final payment, ensuring personalized and efficient service.
Considerations:
- Mortgage Insurance: FHA loans require upfront Mortgage Insurance, which can be rolled into your loan. Your monthly payment will depend on the borrowed amount (including the upfront insurance) and the loan term.
- Property Size: FHA financing is available for properties up to 20 acres, but only for primary residences. FHA loans are not available for investment properties or vacation homes.