FHA Loan for Minnesota homes
FHA loans have been helping Minnesotans become homeowners since 1934. The Federal Housing Administration (FHA) – which is part of HUD – insures the loan, so your lender can offer you a better deal. This is a great program and allows many buyers to purchase their first home.
Why use FHA?
There are lots of reasons to ask your lender for an FHA loan instead of taking a conventional loan. FHA loans are:
For Everyone – FHA isn’t just for a first time buyer. Anyone can qualify for one and you could have many FHA loans in your lifetime. One caveat, you can only have one FHA loan at a time – unless you meet one of the exemptions.
Offers Higher Loan Amounts – It used to be that FHA was always low on their loan amounts. Currently, the maximum FHA loan amount is $365,000 which can buy a lot in today’s market.
Easier to Qualify – Since FHA insures your mortgage, lenders are more willing to give loans with lower qualifying requirements so its easier for you to qualify.
Less than Perfect Credit – Even if you have had credit problems, such as bankruptcy, its easier for you to qualify for an FHA loan than a conventional loan.
Low Downpayment – FHA requires a low 3.5% downpayment. The money can come from a family member, employer or charitable organization. Most other loans don’t allow this.
Costs Less – Many times, FHA loans have more competitive interest rates because the loans are insured by the Federal Government. Always compare an FHA loan with other loan types.
Helping You Keep Your Home – FHA has been around since 1934 and will continue to be here to protect you when the others walk away. Should you encounter hard-times after buying your home, FHA has many options to help keep you in your home and avoid foreclosure. There is more to buying your home then the monthly house payment!
Buying your first home can be overwhelming. Let us help! We are committed to finding you any grant monies or assistance programs available to you. Please contact us for more information on FHA loans and other first time home buyer programs. We have assisted hundreds of first time home buyers and look forward to the opportunity to assist you!
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