Nehemiah Lindo Realtor

It’s Always A Party With Lindo 🎉🥳🎈🎊🎁🍾

Congratulations to my buyer Linda for closing her home using a FHA Loan!

An FHA loan is a type of mortgage that is backed by the Federal Housing Administration. Since these mortgage loans are insured by the federal government (and are less of a risk for lenders), they can be easier to qualify for if you're rebuilding your credit or if you need to make a smaller down payment. Some of the benefits include:

1. Buyers may ask the sellers up to six percent assist which comes directly from the seller.

2. Lower Credit Score Requirements- Most lenders will write FHA-backed loans for borrowers with credit scores of 580 or higher.

3. No Income Requirements- This means that higher-income earners with credit problems can still qualify for FHA loans. Even if you make a substantial salary each year, you can still benefit from the lower down payment and relaxed approval requirements.

4. Multiple Housing Options - You can use an FHA loan to purchase multiple types of properties. This includes single-family homes, condominiums on permanent land, manufactured homes on permanent land and multifamily homes with up to four units.

5. Lower PMI Cost- With an FHA loan, however, you’ll pay the same insurance premium regardless of your credit score. If you’re credit-challenged, this could save you a significant amount of money over the lifetime of your loan.

Sibling blood 🇵🇦🇵🇦
Happy Thanksgiving 🍁🦃🍽