- The Federal Housing Administration created the FHA loan to help give more people the ability to purchase a home. Home ownership is a big part of the American Dream, and with the FHA loan it can become a reality for more people. I have helped many people in Florida, Georgia and beyond use the FHA loan to purchase a home.
Often times one of the biggest roadblocks someone has from purchasing a home is the ability to save enough money for a down payment. With many loans typically requiring a 20% down payment, it can deter many people since who have not saved up that amount of money, especially with high cost of homes in Florida and Georgia. With the FHA loan a buyer only has to save up 3.5% for the down payment. If you compare the difference in between the how much you have to save for a down payment for a loan requiring 20% down versus a FHA loan you can clearly see how much less you would have to save up.
When you look at exactly how much money you need to have for a down payment for a loan requiring 20% down compared to the FHA loan, the different is huge.
Another factor that can make the FHA loan easier for more people to be able to buy a home is that the financial requirements are not as strict compared to other loans. You will still need decent credit, but you don’t have to worry about having perfect credit.If you are wondering if the FHA loan is the right home loan product for your situation, then you can get a free quote and analysis by using my
Common FHA Questions:
What is the minimum credit score to get a FHA loan?
That depends on the lender, FHA does not have a minimum credit score.
what is the maximum loan amount for a FHA loan?|
$472,000 for most areas.
What is the minimum down payment for FHA loans?
3.5% of the purchase price.
Are you required to escrow taxes and insurance with FHA loans?
Yes, FHA does not allow escrow waivers.
Does the mortgage insurnace get removed or reduce on a FHA loan?
Only if the borrowers put 50% or more down.
Purchase Assistant tool to see how much of a home you can afford.