FHA Loans

Federal Housing Administration (FHA) is a popular homebuyer choice. These loans must meet certain requirements.

Features

  • Available in a variety of fixed rate and adjustable rate loan options.
  • Has down payment options as low as 3.5%.
  • May allow you to use a gift or grant for all or a portion of your closing costs.
  • You typically have to pay upfront and monthly FHA mortgage insurance premiums.

Benefits

  • Require less cash upfront for your down payment and closing costs.
  • Available for all income levels.
  • Allows a new buyer to take over the loan if you sell your home (subject to loan approval).
  • Allows a co-applicant to help you qualify even if the person doesn’t live in the home.

Considerations

  • FHA loans have the benefits of a low down payment but there are other loan products with the same option.
  • Ask for help to compare the overall cost of all products, including the monthly and long-term costs and conditions of the required mortgage insurance.
  • You can typically only have one FHA mortgage at a time.
  • In many instances, you may find FHA to be a more expensive financing option and should be considered after thoroughly evaluating all other product options that meet your credit qualifying and financial needs.

Delmar Financial Company Mortgage Bankers © 2019
NMLS: 30998

1066 Executive Parkway, Suite 100, St. Louis, MO 63141
Delmar Mortgage is an Equal Housing Lender
Toll Free: (888) 866-8734

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