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An FHA loan is a mortgage loan that is insured by the Federal Housing Administration (FHA). An FHA loan is a great program for those that do not want to put down large down payments or do not have perfect credit.
In areas of Michigan that do not qualify for Rural Development financing, the FHA loan is a great alternative. This loan only requires 3.5% down, the seller can pay your closing costs and it has low-interest rates.
Here are the benefits of an FHA Loan:
- Only 3.5% down
- The down payment may be a gift
- Seller can pay closing costs of up to 6% of the purchase price aka. concessions
- Lower credit score requirements (typically a min of a 620 credit score)
- Low fixed interest rates
- Terms of 15, 20 and 30 years are available.
Contact Rebecca for more information on your eligibility!
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Thank you for taking the time to submit your info so I can work up a custom rate quote.
I will contact you shortly! ~ Rebecca
