BENEFITS OF FHA LOANS
The FHA loans offer numerous benefits, unlike regular mortgage loans. The two primary benefits include flexible guidelines and smaller down payment. Indeed, these aren’t the only notable benefits. Community Mortgage gives in-depth details about San Diego FHA loans. See more here.
THEY HAVE MORE FLEXIBLE GUIDELINES
The qualification requirements for FHA loans are less stringent. This is because of the insurance that the home loan lenders receive from the government. It covers all costs in case the lender incur losses due to borrowers’ defaults. Borrowers who’re turned down for the regular mortgage, are most likely to qualify for the FHA loan program. It’s the last resort for anyone aspiring to become a homeowner but has some past credit issues. See also about Qualities of A Good Home Loan Lender in San Diego, CA.
Lower Debt Ratios and Credit Scores
People who have credit scores that are too low to qualify for conventional mortgage loans are often able to be eligible for the San Diego FHA loan. The credit score requirement is quite more moderate than that of the regular mortgage.
Don’t give up on the dream of becoming a homeowner in San Diego. Here at Community Mortgage, we’re willing to help you apply and qualify for an FHA loan to achieve your dreams.
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