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Down Payment on a FHA Mortgage Loan
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Down Payment On FHA Mortgage 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 at 3.5%. 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
