Federal Housing Administration mortgages, or FHA loans, are a more flexible option for homebuyers. The team here at Bombay Mortgage would be happy to walk you through this loan and its benefits.
FHA loans are for those who predict most of their income will go toward house payments, anyone with less-than-stellar credit, and homebuyers with smaller down payments. These loans allow borrowers to spend up to 57 percent of their income on debt obligations of any kind, while conventional loans cap this ratio at 43 percent. Many of those who choose an FHA loan are only required to put down 3.5 percent of the mortgage, even with lower credit scores.
Why choose an FHA loan?
If you are worried about your credit or your down payment amount, an FHA loan may be the solution you’ve been searching for. Whatever your debt-to-income ratio is, we work with you to see what needs to be done in order to qualify. You can buy a home, and we are here to make it happen. We would be happy to discuss the benefits of an FHA loan, as well as what to expect with you.
Call us today to get started.