For many people finding amassing a down payment for a home purchase difficult, the prospect of getting a foot on the property ladder might seem remote. But that doesn’t necessarily have to be the case.
If you have gone through the various checks and have found that you do not qualify for a USDA loan, conventional mortgage, or VA loan, don’t give up there. There is another alternative to explore.
What Is An FHA Mortgage?
FHA stands for Federal Housing Administration. It is provided by a private lender but insured by the Federal Housing Administration and is backed by the federal government. It is designed to be an attractive and affordable option for less wealthy customers who meet the qualifying criteria.
Who Is Eligible For An FHA Loan?
FHA mortgages are available to any borrowers with lawful permanent resident alien status, using the same terms and conditions as those for U.S. citizens.
There is also no maximum age limit for a borrower. The minimum age is the age for which a mortgage note can be legally enforced in the state, or other jurisdiction, where the property is located.
The Benefits Of Using An FHA Mortgage Calculator
Navigating all of the finer details of a financial product, like an FHA mortgage, can be overwhelming for the average person, especially if they are trying to avoid the potentially high lending fees of a mortgage broker.