Benefits Of A Bad Credit FHA Mortgage Loan

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There are lots of great reasons and benefits of choosing an FHA bad credit mortgage loan, especially if one or more of the following apply to you: You do not have a lot of money to put down on a home. You are a first-time home buyer. You don't have perfect credit. You want to keep your monthly payments as low as possible. You are worried about qualifying for a loan. You are worried about what will happen if you fall behind on your payments. You are worried about your monthly payments going up.


If any of the reasons describe you, then an FHA loan may be a perfect match for you. Why? FHA-insured loans offer many protections and benefits that you will not find in other loans including:

Smaller down payment: FHA loans have a low three percent down payment and the money can come from a employer, family member or charitable organization as a gift. Other loan programs won't allow this.

Lower cost: FHA loans have competitive interest rates because the Federal government insures the loans for lenders. Always compare an FHA loan with other loan types.

Less than perfect credit: You do not have to have perfect credit to get an FHA mortgage. In fact, even if you have had credit problems, such as a bankruptcy, it's easier for you to qualify for an FHA loan than a conventional loan.

Easier qualification: Because FHA insures your mortgage, lenders may be more willing to give you loan terms that make it easier for you to qualify.

More protection to keep your home: The FHA has been around since 1934 and will continue to be here to protect you. The FHA has many options to help you avoid foreclosure and keep you in your home if you encounter hard times after buying your house.

The FHA does not give money to people for a house and it doesn't set the interest rates on mortgages it insures. FHA insures loans for lenders against defaults. You should compare mortgages from several different lenders for the best terms and interest rate on a mortgage. An FHA-approved lender can help you start the loan application process.

You may use an FHA-insured mortgage to refinance or purchase a existing or new condominium unit, a 1-4 family home, or a mobile or manufactured home (provided it is on a permanent foundation).

Find out more on Bad Credit FHA Loans

Find out the FHA Home Loans Available With Bad Credit

Although all information has been written in good faith and reviewed, please email us at [email protected] to report any inaccuracies.