The Federal Housing Administration (FHA), which is part of the U.S. Department of Housing and Urban Development, provides mortgage insurance to lenders to protect them from a borrower who defaults on the loan. With FHA loans, potential home buyers who have a credit score of at least 580, take the advantage of paying the minimum down payment of 3.5%. This makes FHA loans more accessible and affordable than other mortgages. FHA loans are a great option for home buyers who don’t have a significant amount of cash for a down payment or who may have a lower credit score.
Interested in this loan?
At Hawk Mortgage Group, we work with lenders who are FHA-Approved, to get you the lowest mortgage rates possible. Debt to income ratio and credit scores are considered, and Hawk Mortgage will help you navigate this process.