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How Do I Qualify for an FHA Loan?

How Do I Qualify for an FHA Loan?

FHA loans are government-financed mortgages that can help you become a homeowner.

How Do I Qualify for an FHA Loan?

Due to the recent economic turbulence, more people than ever are applying for FHA loans to alleviate some of the financial burden that comes with buying a house. Especially for first-time buyers, FHA loans can be a great resource to help shoulder some of the costs.

Luckily, you can take several measures to qualify for one of these loans, and you may be eligible for various levels of assistance.

Just buying your first home could qualify you for a reduced down payment and subsequent closing costs and fees to be included in your loan. Making steps to improve the energy efficiency of your home can also qualify you for certain FHA loans, which may cover the costs of your upgrades.

Considering a fixer-upper type of property can also help. FHA loans can be awarded based on the home you consider buying. There are incentives attached to homes that are not at the peak of the market. Your loan can include the cost of any repairs that you may need to make during the course of your residence.

For more information about how to qualify, call 803-765-1680 or toll-free 800-854-9484.

Posted Jan 09, 2014 by Midland Mortgage Corporation