FHA Loan

The Perfect Loan for First Time Home Owners

How can an FHA loan help?

The Federal Housing Administration Loan is a great loan option to explore if you are searching for a home loan on All Star Realty And Mortgage. The FHA Loan is a government-insured loan program that is the best option for you if you are buying a home for the very first time in your life. All Star Realty And Mortgage connect you with credible money lenders and financial institutions that provide FHA loans on flexible terms. With All Star Realty And Mortgage, you will secure your first home loan with ease and convenience. The FHA loan is perfect for you if your goal is to take a lower minimum down payment loan. Move away from conventional loans with the help of All Star Realty And Mortgage and its loan approval solutions.

Are you eligible for A good FHA loan?

As an FHA loan applicant, you need a stable credit score of at least 580 or more. However, there are some money lenders on All Star Realty And Mortgage that will provide you with an FHA loan even at a score less than 580. However, the loan approval comes under special circumstances when the credit score is less than 580. Moreover, the applicant needs to have a steady employment record that shows a stable income source. In fact, you also need a valid Social Security Number and legal citizenship of the USA. Apart from these eligibility criteria, there are many other requirements to fulfill. The All Star Realty And Mortgage will help you check your eligibility for an FHA loan and completion of the loan application process.

How much do you pay as the down payment for an FHA Loan?

If you have a credit score of 580 or more, you can take an FHA Loan starting with a down payment of 3.5 percent of the loan amount. If your credit score is shaky and lower than 580, you need to pay a down payment of at least10 percent of the loan amount in total. With a stable credit score, the down payment can be very low, which is a perk for a first-time homebuyer.