Federally-Insured Loans for a Variety of Buyers
At Federal Hill Mortgage, our goal is to guide you to selecting the mortgage option that works best for your budget, home buying needs, and future goals. When we say the phrase “unconventional loans,” we’re simply referring to loans insured by the federal government. Conventional loans, on the other hand, are not. Government-backed loans are a popular option among many prospective buyers, as they offer certain benefits to so long as you meet the required criteria. Primarily, government-backed loans help reduce the down payment required to help lower reduce the barrier to entry for buyers.
Each government-backed loan has its own requirements for applicants. FHA loans require a minimum credit score of 580 to access the 3.5% down payment rate. However, scores as low as 500 may be allowed but in those cases, 10% would need to be put down. FHA loans also require the buyer to purchase mortgage insurance.
VA loans on the other hand, have a simpler requirement. To qualify, you must be a veteran, active-duty service member, or the spouse of a service member that lost their lives in the line of duty.
At Federal Hill Mortgage, we gauge our success by how you succeed in your home buying goals. We believe that transparent, honest, and expert mortgage origination can make all of the difference for you and your family. If you’re ready to finance the home of your dreams, apply today.