mccurdyrealtygroup

What is an FHA loan?
An FHA loan is a mortgage insured by the Federal Housing Administration, which is part of the U.S. Department of Housing and Urban Development. With a minimum 3.5% down payment for borrowers with a credit score of 580 or higher, FHA loans are often a good fit for first-time home buyers or people with little savings or credit challenges.

●FHA loans allow down payments as low as 3.5% with a 580 FICO or 10% with a 500 FICO.

●The federal government insures FHA loans, but the loans are issued by private lenders.

●Mortgage insurance is required on all FHA loans, even if you put 20% down, but the amount and duration vary.

●The home must undergo an FHA appraisal and meet government standards for health and safety.

An FHA home loan can be used to buy or refinance numerous types of homes, including:

●Single-family houses.

●Two- to four-unit multifamily homes.

●Condominium units.

●Certain manufactured homes (attached to a permanent foundation).

Specific types of FHA loans can also be used to finance new construction or renovate an existing home. However, all properties — existing or new construction — must undergo an FHA appraisal. If the property meets government standards, then you can use an FHA loan to buy (or refinance) it.

I want to help you not just buy a home but help you repair, rebuild, invest and build wealth.

If you're in the market to buy or sell a home contact,

Towanna McCurdy - Realtor
McCurdy Realty Group
Broker: NW Realty
832-398-2261
[email protected]
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