Blackmon Home Loans in Las Vegas, NV can help you find out if you are eligible for an FHA loan and whether this is the best loan for your home buying needs. If you’re looking for ways to purchase your very first home with a small amount of money saved, or your credit is less than perfect, this type of loan may be an option to consider.
What Is An FHA Loan?
A mortgage that is insured by the Federal Housing Administration is called an FHA loan. This type of home financing allows borrowers to buy a house with down payments as low as 3.5%. FHA loans are popular with first-time homebuyers. People who have gone through bankruptcy or a previous foreclosure may also be able to qualify for an FHA-backed mortgage.
- Smaller Down Payments
- Low Closing Costs
- Lower Credit Score Requirements
- Great For First Time Home Buyers, Bankruptcy & Foreclosure
What Is The Approval Process Like?
Whether you’re working on your credit, or you’ve had challenges in the past, buying a home is still not out of your reach. If you meet the requirements for an FHA loan, you could soon be approved to become a new homeowner. If you are looking for an option with lower minimum credit score requirements, a smaller down payment, and a higher debt-to-income ratio allowance, ask your mortgage broker about this home financing option.
- Credit Score Of 580 Or Higher
- Down Payment Of 3.5% Or More
- Debt-To-Income Ratio Less Than 50%
- Property Approval
- Mortgage Insurance
Additional Loan Requirements
These requirements are set up to protect your best interests. In order to qualify, you’ll need to have a debt-to-income ratio of less than 50%. You’ll also be required to have mortgage insurance. The property you’re looking to buy will need to be inspected to ensure it is a good investment that meets basic safety and livability standards.
Learn More About FHA Loans
At Blackmon Home Loans in Las Vegas, we can help you decide if an FHA loan is the best option for you. Whether you’re a first-time homebuyer, or you’re working on improving your credit, we can help you find the right mortgage for your unique situation. Contact us today to set up a consultation with one of our professional loan advisors.