By: Andy Pallissard
HomeStar Bank & Financial Services
Phone: (815) 468-2785
What is an FHA Loan?
An FHA loan is a mortgage that’s insured by the Federal Housing Administration (FHA). Knowing the facts behind an FHA loan may help you decide if it’s the mortgage for you.
What Makes an FHA Loan a Great Option?
FHA Loans Require Down Payments As Low As 3.5%
With a FHA loan, your down payment may be as low as 3.5% of the purchase price of your home. In addition, a FHA loan may allow you to use gift or grant money for the down payment and/or closing costs.
FHA Loans Require Less Strict Qualifications
FHA loan credit score minimums are less strict then conventional mortgages. In addition, a co-applicant may help you qualify for an FHA loan even though they do not live in the home.
FHA Loans Provide a Variety of Interest Rates and Terms
FHA Loans are available in a variety of fixed-rate and adjustable-rate loan options and terms to fit your financial needs and goals.
How Do You Get an FHA loan?
A lender must be approved by the Federal Housing Authority in order to help you get an FHA loan. HomeStar Bank & Financial Services is one such bank that can help you through the FHA process.
If you are interested in applying for a FHA loan or have additional questions, please contact me directly at: (815) 468-2785 or email me at email@example.com.