Will An FHA Loan Make Homeownership Possible For You

Dated: 05/06/2015

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More that half the purchase money home loans written in this country are FHA loans.  Here is the appeal:  Adam Wizner

A mortgage loan insured by the Federal Housing Administration (FHA) does come with some extra costs. But it also comes with some big benefits for credit-challenged consumers. You can qualify for an FHA loan even if your FICO credit score is as low as 500. Of course, a higher score is better. If your score is at least 580, you can take out an FHA loan with a required down payment of just 3.5% of your home's final purchase price. If your credit score is under 580 but at least 500, you can still qualify for an FHA loan, but you'll need a down payment of at least 10% of your home's purchase price.

Your credit score makes a big difference in how much down payment is required. Consider a home that costs $150,000. A down payment of 10% will cost you $15,000. One of just 3.5%, though, will cost you a much more affordable $5,250.

To find out IF you qualify for and FHA loan, or what your maximum purchasing power will be, you can reach out to Adam Wizner, of Mortgage Masters, at 973-650-2506.  Or hit the "Finance" button at the top of your screen here and reach him on-line.


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