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FHA Loans FAQ’s

FHA Loans FAQ’s

FHA Loans FAQsFHA Loans – Low cost loans for homebuyers.


What is an FHA loan? An FHA loan is a mortgage loan that is guaranteed by the federal government.

What is the interest rate? The FHA does not set the interest rate, but because the loan is guaranteed by the government, you can get a lower interest rate than with a traditional mortgage.

Do I need excellent credit to get approved for an FHA loan? FHA loans are perfect for buyers who have less than perfect credit or no credit at all. Your credit will be checked, but they are more forgiving of past credit issues.

Is an FHA loan assumable?
Most FHA loans are assumable.

Do I need a big down payment? The average down payment for an FHA loan is three percent. With an FHA loan, the buyer is allowed to borrow the down payment from family members, organizations, or friends.

Are there limits to how much I can borrow?
There are limits to how much you can borrow. The amount varies from region to region and depends on the home prices in your particular region. FHA loans are perfect for low to middle income families seeking to purchase a modest home.

Contact the mortgage experts at Midland Mortgage Corp. to see if you qualify for FHA loans. Call, 803.765.1680 or toll–free 800.854.9484 today.
Posted Nov 01, 2012 by Midland Mortgage Corporation