Perhaps the most well known type of home loan, an FHA loan is a mortgage insured by the Federal Housing Administration. Geared mostly towards first time buyers or other owner occupants, FHA loans are explicitly designed to be more accessible than conventional loans, offering a low minimum down payment of 3.5% (which can be paid by gifts and assets), a lower credit score requirement, and lower monthly payments.
These benefits make an FHA loan an ideal choice for first time homeowners or any qualifying borrower seeking a lower barrier to entry in real estate. Legacy Park Mortgage knows the ins and outs of federal regulations and how to help you determine which FHA loan option best fits your needs. We’ll guide you throughout the process so that you can seamlessly reach your goal of closing on your dream home.