FHA Loans - What are the Facts?

loan officer portrait 

By: Andy Pallissard
Loan Officer
HomeStar Bank & Financial Services
NMLS: #767644
Email: apallissard@homestarbank.com
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 apallissard@homestarbank.com.

 

Featured Home Page