What The FHA??

What is an FHA Loan?

It's a way for people to become home owners without having to have the best credit or have a ton of money to put into a big down payment. Sound interesting? Read on...

It's perfect for first time home buyers because of the minimum qualifications:

• Credit score: As low as 500 if you put down 10% of the home price
• Down payment: As low as 3.5% if you have a 620 credit score

Because the government loves you...

but not that much.

FHA stands for Federal Housing Administration but it's not a government loan. Instead, this is a home loan offered by a bank, mortgage company or other type of lender and only "backed by" the Federal Housing Administration.  By the way, that backing is like a safety net for the bank, not for you. Hence the title of this section.

The government knows that home ownership is good for the economy. It creates jobs in construction, shipping, transportation of materials, etc. It also helps people to build wealth as real estate typically increases in value over time. So they made it less risky for the banks to loan money to larger group of people. Now isn't that special?

Step 1 to get started

Call your bank or credit union and find out if they offer FHA loans. If so, tell them that you'd like to apply. They will run the numbers and tell you what you qualify for. I can also match you up with one of my preferred lenders that have worked with other buyers and earned my trust over the years. Call or text me directly at (210) 868-0656 for more info.