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Facts to Consider Before Applying for an FHA Loan

FHA home loan has been one of the most common mortgages. While a conventional loan requires good credit and a more substantial down payment, the opposite is true for FHA loans. As an experienced and reliable mortgage lender in MA, our job is to make sure you’re well-informed about the options available to you, whether you’re a homeowner or buyer. There are some important facts to consider before applying for an FHA loan. In this presentation we have listed 4 top facts about FHA Loans.

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Facts to Consider Before Applying for an FHA Loan

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  1. Introduction ➢ ➢ FHA Loan ● This government-backed mortgage loan insured by the U.S. Federal Housing Administration geared toward homebuyers with low credit scores. The loan covers the seller by insuring the amount lent, in case the borrower defaults. ● There are some important facts to consider before applying for an FHA loan. ● In this presentation we have listed 4 top facts about FHA Loans. 2

  2. Following Are Facts To Consider Before Applying for FHA Loans #1: Easier to Qualify ● ● ● Fewer restrictions on the credit score. People with a credit score as low as 640 may qualify for the loan. You can plan to correct your credit score to qualify. #2:Lower Interest Rates ● ● ● FHA offers protection to the lenders. Attractive interest rates to attract more consumers. Buyers enjoy flexibility in their loan options.

  3. #3: Help you Make Home Repairs and Upgrades ● Covers a wide range of rehabilitation projects. ● Includes renovations. ● Covers various renovation costs. ● The loan amount depends on the value of the house after it has been upgraded. 3

  4. #4:Lower Closing Costs ● Much lower closing costs. ● Reduces your financial burden. ● Allows any other person apart from the buyer (borrower) to cover the closing costs.

  5. Hiring an experienced FHA approved mortgage lender will help you to speed up the documentation procedure and understand the loan procedure. ➢ ➢ Drew Mortgage Associates help you to assess your loan requirements and shop for the right loan that justifies those requirements. If you find that FHA loan program doesn’t suit your requirement, there are a number of other programs you can choose from. 4

  6. DREW MORTGAGE BRANCH OFFICES: Drew Mortgage Associates 196 Boston Turnpike Road Shrewsbury, MA 01545 Phone: 508-753-1656 Website: https://www.drewmortgage.com/ Peabody Mortgage Lenders 1 Mt Pleasant Drive Peabody, MA 01960 Phone: (978) 750-1080 Boston Mortgage Lenders 232 Commercial St Boston, MA 02109 Phone: (617) 523-3060 10

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