FHA loans are perfect for borrowers who have little cash saved up for a down payment. They’re also great for borrowers who have less-than-ideal credit and can’t qualify for a conventional loan. With this criteria, FHA loans are typically popular with first-time homebuyers, and those with low to moderate incomes. A repeat buy can also get an FHA loan, as long as they use it to buy a primary residence.
People with credit scores under 500 are usually not eligible for FHA loans. There are cases where the FHA will make allowances for applicants with lower credit scores, under certain circumstances.
Contact us today is you think you may qualify for an FHA loan!