Guidelines for FHA Loans

FHA loans, insured by the Federal Housing Administration, are designed to help low-to-moderate-income individuals and families become homeowners. These loans require a lower down payment, often as little as 3.5% of the purchase price, making them accessible to first-time homebuyers and those with less-than-perfect credit. FHA Loans Service in Fairfax, VA have more lenient credit requirements compared to conventional loans, typically requiring a minimum credit score of 580. Borrowers must pay mortgage insurance premiums (MIP), both upfront and annually, to protect the lender in case of default. FHA loans can be used for various property types, including single-family homes, multi-family homes, and condos, offering flexibility and support to a broad range of homebuyers.

Category: Finance > Mortgage Upgrade Options