Who can qualify for an FHA loan?
FHA home loans may be for any financially qualified borrower. Some of the important factors include your credit history and FICO scores in order to secure the minimum down payment of 3.5%.
Is an FHA loan a good option for first-time homebuyers?
FHA loans are extremely popular with first time homebuyers who may not have saved enough for a large down payment.
How much of a down payment do I need for an FHA loan?
Potential homebuyers can get an FHA home loan with as little as a 3.5% down payment.
How much of a down payment do I need for a VA loan?
Depending on the applicant, a VA purchase loan may require little to no down payment.
What are the requirements for VA loans?
VA loan requirements include, but are not limited to, providing a VA home loan Certificate of Eligibility (COE), meeting the standards for credit and income and living in the home you’re buying with the loan.
What are the advantages of a VA loan?
VA loans offer little to no down payment, usually better terms and interest rates, no need for Private Mortgage Insurance (PMI) or mortgage insurance premiums, usually better closing costs, and no penalty fee if you pay the loan off early.