House hunting can be difficult, especially when you’re facing obstacles such as low credit or insufficient savings. But there’s a solution; an FHA Loan. Finding the right FHA loan rates and options in Springfield, MO starts with the mortgage company you work with. At USA Mortgage, customer service is our number one priority. That means taking the time to find the mortgage rates and options that will work best for your family. Let’s get started on getting you into your new home. Apply today and witness possibility.
Springfield, MO FHA Loans
What is an FHA Loan?
Insured by the FHA (Federal Housing Administration) FHA Loans are a type of mortgage that is available to all qualified borrowers. Typically, they are easier to qualify for because they help many families with lower savings and credit scores purchase a home.
This loan is common for first-time home buyers or those who may not have much in their savings and challenges with their credit score. You’re eligible for an FHA Loan usually with a credit score of *580 (Based on a manual underwrite, with compensating factors. Please contact your MLO for details, May be subject to additional fees.) or higher and a down payment of 3.5% minimum. However, scores between 500-579 have been able to qualify but will need a larger down payment. One thing to note about FHA Loans is that gifts are allowed such as financial support from family, employers, or charitable organizations.
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Ready to Apply for a FHA loan in Springfield, MO? Our Mortgage Loan Originators at USA Mortgage are here for your convenience, ready make possibility become reality! We’ll get the mortgage process done quickly and have you settled into your new home before you even know it. Apply today, and see just how effortless it is when you work with USA mortgage.