What are FHA Home Loans?

FHA home loans are the best option for first-time homebuyers. As some of the most popular home loans, FHA loans are backed and insured by the Federal Housing Administration (FHA).

If you’re seeking FHA loans, you need them from a trusted source. A mortgage broker can get you in touch with the lenders you need. At Latitude Financial, we can help you get competitive FHA mortgage rates in Bensalem PA. You deserve flexible credit requirements and reduced down payments. In some cases, you can put down as little as 3.5%.

The Basics of FHA Loans

FHA loans may be ideal for borrowers who cannot afford conventional home loans. If you have low-to-moderate income, you can apply for an FHA Home Loan in Bensalem PA. You may choose a fixed or adjustable rate. An FHA adjustable-rate mortgage has a low fixed rate for the first five years.

The following specifications apply:

  • An FHA loan can only be obtained through an FHA-approved mortgage lender.
  • Credit and income requirements are quite lenient.
  • You’ll likely need to pay mortgage insurance, which will be added on to your monthly payment.
  • The home you’re considering should meet the minimum standards set by the FHA.

Minimum FHA Property Standards

Are you seeking the FHA Loans Bensalem PA uses most? If you’re considering taking out this kind of loan, you need to ensure your property meets certain minimum standards. These standards help to protect the lender, and borrower, in case of default and other unforeseen circumstances. The FHA imposes standards for the safety of the occupants, the security of the property and the structural integrity of the property.

Contact a certified mortgage broker for more information today.