Down Payment On
Loan: How Much
Will I Need?
Wondering what a down payment on a FHA loan is? The FHA or
Federal Housing Authority has stated that the down payment
needed for them to back the loan is 3.5% of the amount.
An FHA Loan is a mortgage that's
insured by the Federal Housing
Administrationmeaning they don't
actually loan the money, what they do is
guarantee the bank that they will get
paid if you default on your loan.
FHA loans are a good option for first-time home buyers who
may not have saved enough for a large down payment.
FHA Loan applicants must have a
minimum FICO? score of 580 to
qualify for the low down payment
If your credit score is below 580, the down payment
requirement is 10%.
We work with credit agencies
and credit repair consultants to
assist you in the process if you
need to build your score up.
FHA Loan Requirements -FICO? score at least 580 =
3.5% down payment.
See more on FHA Home Loans -> Down
Payment on FHA Loan Strategies Banks
are very meticulous and can seem outright
difficult to deal
withGetApprovedLenders.com works with
them everyday on behalf of buyers.
Many get denied a loan because of certain issues they find
and don't dig deeper or develop strategies before they apply
to get approved.
Remember, you're just a number to
them GetApprovedLenders job is to
from the beginning help gather
information, see your financial position
and guide/ advise you on how to
approach the loan process.
Something as simple as receiving a gift for a down payment
on a FHA loan can affect your status.
Start with a loan consultation Call
or Text them today at 262-8080
or visit their website at www.
Contact Us At: https://www.GetApprovedLenders.com