2021 FHA Loans and Down Payment Assistance
Finance Your Next Home in Maryland, Virginia, or Washington D.C.
Federal Housing Administration (FHA) loans offer financial assistance to homebuyers who don’t have enough savings for the down payment on a new home. The benefits of FHA loans include down payments as low as 3.5% and lower credit score requirements to qualify. Schedule a consultation with My Home Mortgage to learn more about how an FHA loan can help you buy a home in Maryland, Virginia, or Washington DC.
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What is an FHA Loan?
An FHA loan is a mortgage insured by the Federal Housing Administration (FHA). These loans provide crucial financial assistance for borrowers who can’t save up the money needed to make a down payment on a home or lack the credit score requirements demanded by private mortgage lenders. These loans are especially popular with first-time home buyers, but higher-income earners with credit issues can also qualify for an FHA loan with a minimum down payment.
Benefits of FHA Loan Down Payments
While many conventional loan programs carry strict restrictions regarding who can contribute gift funds for a down payment, FHA loans allow employers, family members, friends, and charitable organizations to donate funds to help borrowers meet their down payment requirements. FHA loans require a down payment of 3.5% of the total purchase price of a home and will accept credit scores of 580 or higher, which is much lower than the 620+ scores required by most conventional lenders.
FHA Loan Programs are Flexible
FHA Loans are flexible programs that can accommodate a variety of financial and credit situations. These government-backed loans allow for a higher debt-to-income ratio, have no income limit, and can be applied to a variety of housing types. Keep in mind that the lower your credit score, the more likely you are to pay a down payment above 3.5%. The lowest credit score range that can qualify for an FHA mortgage is 500-579, but it comes with a 10% down payment. If you’re interested in qualifying for an FHA loan, contact My Home Mortgage to work with an experienced mortgage lender in Maryland, Virginia, or Washington DC.
Is an FHA Loan Right for You?
FHA loans can be an excellent choice for first time home buyers or those with a less than stellar credit history. If you are struggling with coming up with the up-front costs of purchasing a home, an FHA loan can help by allowing your personal network to make gifts and financial contributions towards your down payment. If making your down payment is your primary concern, you should speak with a mortgage lending specialist to learn about all of the down payment assistance programs available in Maryland, Virginia, and Washington DC.
Are you ready to begin the home buying process? Take the first step by contacting the mortgage lending experts at My Home Mortgage. Our team is dedicated to matching you with home loan and down payment assistance programs that are tailored to your unique needs. Visit our website for more information, and contact us today!
Testimonials
Patient & Helpful
Tammi was very patient and very helpful throughout the entire application process. Being a first-time home buyer I didn't know a lot of this which made me frustrated but I was able to get approved and now I am a homeowner thanks to Tammi!
— James C.
No Pressure or Stress!
Tammi Lewis made my home buying experience very easy. I felt no stress or pressure. Tammi was with me every step and made sure I understood everything with detailed talks. My credit score was low and Tammi advised me how to raise it. So that the Loan process would be approved with no problems. Any one know that wants to buy their first home I am recommending Tammi Lewis and First Home Mortgage.
— Charlie F.
Professional & Timely
Rob made sure my experience as a first time home buyer was smooth and painless. Very professional and got things done in a timely manner. Could not have asked for more!
— Samantha J.
Great Experience for a New Homeowner
Rob was at all times, willing to go over the numerous pages of information with me. I am a new homeowner and had many as this was my first time navigating the home-buying waters. He explained things to me in a way that I understood and got me all of my documents in a timely and efficient manner. I enjoyed working with him and would refer him to anyone who is looking.
— Erica F.