What Is an FHA Loan?
When we’re talking about loans for a home, there are a number options available. A loan that is growing in popularity lately is the FHA (Federal Housing Administration) loan. Why is it rapidly becoming the standard for many homeowners? Well, for many reasons.
At Coakley Realty, we’re dedicated to bringing you unique solutions that guarantee the results you’re seeking. We’ve been bringing superior home financing services to our patrons for years! Ready to learn more about FHA loans, and how they may benefit you? Because we have your answers!
What Is an FHA Loan?
It makes for a bit of dry reading, but understanding the basics of the loan type and exactly how it applies to your situation is critically important. An FHA loan is a mortgage loan that is insured by, of course, the Federal Housing Administration. The loan was established in response to rampant foreclosures and defaults in the early to mid ’30s.
The loan maximum fluctuates according to your state and county, though generally the loan can be expected to offer everything a budding homeowner needs to stabilize.
Why Are FHAs Popular?
FHA loans are popular because:
- They require a low down payment (generally around 3%)
- The credit score requirements are generally more lenient
- Interest rates can be more forgiving
Keep in mind that while all of this information is true, your results will vary. While the loan requires less in the regards of credit score, your score will still dictate interest rates and availability. Those with a score lower than 500 usually do not qualify, though exceptions can be made for those with insufficient credit history.
Can an FHA Loan Benefit Me?
These make an excellent first step for homeowners each and every year, and at Coakley Realty, we offer financing for FHAs with pride. However, as we said, there are a number of loan types out there. Want to make sure you’re getting the option that meets your needs best? Call on the experts at Coakley Realty!
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Our specialists take your needs seriously, and we carry all of the knowledge and experience in home financing needed to ensure your needs are met! Since 1925, the Coakley family has brought quality and dedication to the real estate and construction industries throughout the Washington Metropolitan area. Want to learn more? Call 301-637-0966 to speak with our experts today!
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