FHA loan Indiana
The Federal Housing Administration (FHA) loan was launched in 1934 to promote homeownership and help boost the housing market. Today, it’s objective remains the same.
FHA is a government-backed attractive and flexible loan that allows people to buy a moderately priced home with a down payment as low as 3.5 percent. In it’s portfolio, FHA currently has 4.8 million insured single family mortgages and 13,000 insured multifamily projects. FHAs insure mortgages, but do not actually lend the money so if the borrower can’t repay the loan, the FHA insurance reimburses the lender. This feature allows for more people to qualify whom otherwise would be denied. Keep in mind though that this loan does not permit use for a vacation home or second home.
There are some basic eligibility requirements for an FHA Loan which include a minimum credit score of 580, a 3.5 percent down payment, documentation of income and a clear CAIVRS. The mortgage professionals at CME Lending are FHA experts, so you can have confidence putting your home loan in their hands.
To find out if an FHA home loan is right for you, call 888-435-7070! FHA Loan Indiana