Why You Want a FHA Loan

Why choose an FHA Loan over a conventional one? Here are five reasons that will convince you an FHA Loan is the right choice for you.

home

1. It's Easier to Qualify - Because the FHA insures your mortgage, lenders are more willing to give loans with lower qualifying requirements so it is easier for you to qualify.

2. It's Okay if You Have Less-than-Perfect Credit - Even if you have had credit problems, such as a past bankruptcy, it is easier for you to qualify for an FHA Loan than a conventional loan.

3. You Can Make a Low Down Payment - FHA Loans have a 3.5% down payment requirement, which is much lower than the amount typically required for conventional loans.

4. FHA Loans Have Competitive Interest Rates - FHA Loans have competitive interest rates because the loans are guaranteed by the Federal Government. Because they are guaranteed, FHA loans can allow for lower interest rates and other advantages not offered by conventional loans.

5. Help Yourself Keep Your Home - The FHA has been around since 1934 and goes the extra effort to help you keep your home when others will leave you on your own. Should you encounter hard times after buying your home, the FHA has many options to help keep you in your home and avoid foreclosure.

Return back to the FHA Mortgage Center.com home or the FHA Lending Guide.