A Closer Look at the FHA Loan
Like the Department of Veterans Affairs and the United States Department of Agriculture, the Federal Housing Administration (FHA) also provides a mortgage option – the FHA loan.
Private lenders fund the loan, while the FHA backs a portion of each loan against default, allowing homebuyers with less than perfect credit to finance their home with as little as 3.5% down.
In fact, borrowers with as low as a 580 credit score may be eligible for a 3.5% down FHA loan.
Start Your FHA Loan
After estimating payments with the FHA loan calculator, take the first step towards an FHA loan and speak with an FHA-approved lender to determine if you are eligible. Your lender will assess the purchase location, your financial situation and uncover any red flags that may prevent you from obtaining an FHA-guaranteed loan.