If you think that home ownership is out of reach because of your income or past financial problems, talk to the team at Simplify Home Loans LLC about an FHA loan. These loans are insured by the Federal Housing Authority, and you may be able borrow as much as 96.5 percent of the home value. You should bear in mind that a property must meet the minimum standards set by the FHA to qualify for a loan, and mortgage insurance will be required. But for the first-time buyer or for someone who is getting back on their feet financially, an FHA loan may be a perfect fit!
With an FHA loan, you may be able to include the closing costs in your loan. In addition, you may be able to qualify with lower credit scores or with past problems on your credit report. FHA loans often require a much lower down payment than other types of loans. Homeowners with FHA loans can use the FHA Streamline loan to reduce their interest rates.
If you would like to find out if an FHA loan is right for you, contact our office at 888-690-1744.