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Things to Keep in Mind Before You Apply for an FHA Loan

There are many reasons why borrowers can benefit from FHA loans – flexible credit requirements, low down payments, competitive interest rates, and specialty programs are among the most obvious. Add to that a wide variety of available properties from single-family dwellings to multi-unit homes and nationwide availability, and you have many reasons to choose an FHA loan.

While there’s much to enjoy, it’s important to be realistic about potential challenges before you commit to and apply for an FHA loan. Sure, the low down payment is wonderful, but mortgage insurance premiums are required for the life of most FHA loans (conventional loans usually allow PMI to be removed when you have 20% equity). If you’re looking for a home in an expensive area, FHA loan limits may leave you out of luck, and while the property standards ensure safety and security, they limit your ability to buy fixer-uppers without using the 203(k) program.

Is an FHA mortgage right for you? It’s a program that has helped millions of people buy their dream home.

Using the Moreira Team for Your FHA Loan

If you’re convinced that an FHA mortgage is the way to go, the Moreira Team is the next phone call you should make. We are FHA financing experts, providing mortgage calculators to help you determine how much house you can afford, how much your monthly payment will be on a particular purchase, closing costs, and even compare loan options. We can help you understand your options to save money or make monthly mortgage payments more manageable, including what you can do right now to raise your credit score.

We’ve helped hundreds of thousands of people through the home buying process, and we can also share information on FHA loan requirements, home standards, down payment assistance programs, and negotiation techniques. If you’re ready to apply for an FHA loan, you’re in a good spot!