If you have credit challenges, an FHA loan may be the right answer for you, especially if you have been through a foreclosure or bankruptcy. These loans usually have higher debt ratio allowances, which can make a difference when you have steady income but have debt from college loans, credit cards, etc.
This FHA insurance allows lenders such as Movement Mortgage to provide home loans with down payments as low as 3.5% of the purchase price. The less restrictive guidelines allow borrowers who may not qualify for a conventional loan to refinance and consolidate debts into a low, fixed-rate loan.
*for eligible borrowers
As your local St Petersburg, Tampa, and the surrounding area best mortgage lenders, if you have any questions regarding FHA Loans, please contact us at 813.230.9428 or learn more about our loan servicing. Learn more about the process in our mortgage blog or home buyer education material. We also offer realtor resources for agents.