Provided by the US Federal Housing Administration, an FHA loan allows borrowers to receive affordable and accessible financial assistance when purchasing a home. For borrowers with a credit score of 580 or higher, the FHA allows a down payment of just 3.5% of the total cost of the home. For those with a credit score between 500-579, a 10% down payment is required to be approved for a loan.
An FHA loan is one of the most attainable home loans on the market. Geared towards helping first-time home buyers, these loans offer affordable down payments and less-strict credit score requirements for those who qualify. Whether you’re in the market for a new home or seeking financial assistance to help renovate your current one, FHA loans can offer funding for your residential goals.
Do you know how the mortgage loan process works? We want you to be educated on the process so you fully understand step by step how we are going to get you in the home of your dreams. We have a unique tool built specifically to help you understand the mortgage loan process from start to finish!GET STARTED
Before applying for an FHA loan, it’s important to know what to expect throughout the process. Once approved for an FHA loan, it is required to have an appraisal and credit report performed. A closing cost may also be required, depending on whether the home seller chooses to cover the closing costs or not.
After getting your FHA loan and purchasing your home, you may think that everything is up to you to manage. But with Insight Team, you will continue to be supported and educated on how to manage your mortgage. The NEO Experience is a home ownership program that will guide you after your already have your home. We offer this so you have expert guidance at all times, always have a perfect mortgage experience and proactively maintain your home, which increases your home value over time! Contact Insight Team today to learn more about “NEO Experience”.