FHA Loans

 
Family standing at the gate — FHA Loans in Brentwood TN
Typically an FHA loan is one of the easiest types of mortgage loans to qualify for because it requires a low down payment and you can have less-than-perfect credit. An FHA down payment of 3.5 percent is required (first time homebuyer programs are available to assist with the down payment). Borrowers who cannot afford a traditional down payment or can't get approved for private mortgage insurance should look into whether an FHA loan is the best option for their personal scenario. Another advantage of an FHA loan is that it can be assumable, which means if you want to sell your home, the buyer can “assume” the loan you have. People who have low or bad credit, have undergone a bankruptcy or have been foreclosed upon may be able to still qualify for an FHA loan.

Often times, home buyers have the misconception that FHA loans are offered only to first time home buyers. This is not the case. FHA loans are an option to anyone, regardless to the number of homes you have previously bought. FHA loans can be used to purchase a new home and to refinance an existing mortgage. They can also be used to pull cash from the equity you have in your home. At Peoples Home Equity, we make sure that the benefits and costs of this type of loan are clear to you and well defined. We strive to really understand your goals and locate the right mortgage program to meet your needs.

HUD has insured over 34 million home mortgages and 47,205 multifamily project mortgages since 1934. FHA currently has 4.8 million insured single family mortgages and 13,000 insured multifamily projects in its portfolio.
Obtaining an FHA loan can be a great option. Let Peoples Home Equity help you to review your options, including the benefits and drawbacks of this type of loan. Our team will help you determine and ensure that this is the right loan for you.
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