FHA Loans are easier to qualify for, even if you have a low credit score
Opening the door to flexibility with an FHA Mortgage.
Insured by the Federal Housing Administration, FHA home loans are government-assisted alternatives to conventional financing, and were originally offered by FHA lenders to first-time home buyers with imperfect credit. Now, FHA loans are open to a wider audience, and are even popular options for homeowners looking to refinance, including an FHA streamline refinance and FHA cash out refinance.
Overall, FHA mortgage loans provide more flexibility in credit, income, equity/down payment requirements, and FHA mortgage rates today are low. They do include a Mortgage Insurance Premium (MIP), as well as monthly mortgage insurance, but a fixed rate FHA loan enables many homeowners who wouldn’t qualify for conventional financing to purchase or refinance a home. FHA mortgage quotes are available online or by phone.