What is a FHA Loan? FHA loans are an attractive option, especially for first-time homeowners because it is insured by the Federal Housing Administration (FHA). Primarily, the federal government insures loans for FHA-approved lenders in order to reduce their risk of loss if a borrower defaults on their mortgage payments.
Benefits of a FHA Loan: Typically the borrower can be approved with 3.5% down vs 20% that is required on other loan programs. FHA loans allow for lower credit scores, as low as 580 in some cases. Refinance up to 97.75% of your homes value. Consolidate your debt, cash out up to 85% of your home value.
FHA Loan Eligibility: Before applying for any kind of loan, it is important to check eligibility and requirements.
The development of the FHA program was to make loans accessible to people who have less than perfect credit, and low-down payment options. With this program, countless of Americans have benefited, enabling them to pursue their dream of owning a home. Seattle, Bellevue, Issaquah and Washington states FHA requirements include a credit score as low as 580 and a down payment of 3.5% for a borrower to qualify for FHA loan. Other factors may include steady employment, LTV and DTI ratios, which can impact eligibility.
If you have a less-than-perfect credit score, don’t fret! At Cascade Equity Group, Inc. we are of the belief that everyone should be given equal opportunity to purchase their dream home at affordable rates. That’s why from the outset, we have made it our core responsibility to work with you and help you create a loan that’s tailored to your financial situation, which will ensure that your dream is realized while keeping you on budget.
Benefits of FHA Loans
As a borrower in Washington state and the surrounding area, FHA mortgage loans require Mortgage Insurance (MI). When you speak with an expert from our office, all of the guidelines and requirements will be explained to you clearly with easy and simple to understand terms. FHA loans typically offer lower interest rates because of the safety net that mortgage insurance offers to lenders. Seattle area home buyers with credit scores as low as 580 can purchase a home with a down payment as low as 3.5%.
Contact us today if you wish to know whether FHA home loan mortgages are available for you that will help you and your family reach their financial goals. You can call us to get started on your FHA Loan and how you can become a home owner in Seattle, Bellevue, Issaquah and Washington state.
At Cascade Equity Group, Inc. We are proud to offer several financing options that fit each clients situation. We offer loans in Seattle, Bellevue, Issaquah, including all thje local communities and the entire state of Washington.
Contact us today at 425-272-2723 for more information on FHA loans and how to get pre-approved for the home of your dreams.