Government Federal Housing Administration Loan (FHA)
Bringing Home Ownership Within Reach
First Source offers our Members an FHA Mortgage loan to help make the opportunity of purchasing a home more affordable. This type of home loan can assist with closing costs and lower overall payments for the buyer.
What Is A Government FHA Loan?
FHA loans are insured by the US Federal Housing Administration and are considered federal assistance. They require that the new home owners live in the residence for at least one year. FHA loans are a great offer for those who otherwise may not qualify for a conventional mortgage loan.
Benefits Of An FHA Loan
An FHA Mortgage can be a better option if you have less-than-perfect credit and may need more assistance with closing costs. A lower percentage is required for a down payment, and the seller has a higher percentage option for concessions.
Knowing If An FHA Loan Is Right For You
If you’re a home buyer with a less than ideal credit score, an FHA loan might be a great option for you. First Source understands that everyone’s situation is unique and we look forward to working on your specific needs for affordable home ownership. Together, we can decide if an FHA loan is right for you.
As you prepare to speak with one of our Mortgage Specialists, we recommend downloading our handy Mortgage checklist. This guide will help you gather and organize the paperwork you’ll need to start the mortgage process.
Download Our Checklist
Every situation and home is unique. We look forward to working with you on your specific need for affordable home ownership.
If you’re not ready to start the mortgage loan application process, you might want to consider scheduling an introductory discovery call with one of our Mortgage Team representatives.
Interested In Learning More?
To see what other types of mortgages we have available, along with our specialized mortgage programs, visit our Mortgage overview page.