What is an FHA Loan?
FHA loans is a growing and thriving product with a huge footprint in the mortgage market, serving buyers from first-timers to those looking to refinance. National lenders across the country offer FHA loans, including such household names as Wells Fargo, Bank of America, and Chase, along with hundreds of regional and local lenders such as the Moreira Team, who provide personalized service and expertise.
Individual borrowers are the backbone of the FHA program. According to the Department of Housing and Urban Development, FHA loans have helped more than 40 million Americans become homeowners since 1934. The FHA is dedicated to making home ownership a reality for everyone. They offer many programs to help those who dream of owning their own home. Some of the benefits include down payments as low as 3.5% and credit scores as low as 580. Communities that have a high percentage of FHA loans are often designated as “FHA-friendly” communities.