Northern Mortgage

WHat IS an F.H.A. LOAN?

HELPING YOU AND YOUR FAMILY FIND A FOREVER HOME.

AT A GLANCE:

    • FHA loans are government-backed loans made for borrowers with average or lower-than-average credit and stable income.
    • Down payments can be as little as 3.5%*.
    • FHA Loans can be used for a purchase or refinance.
    • Borrowers are typically required to purchase Private Mortgage Insurance (PMI).

WHAT IS IT?

FHA home loans are mortgage loans offered by private lenders and insured against default by the Federal Housing Administration (FHA). The FHA doesn’t issue loans or set interest rates; it just guarantees against default.

Because of this guarantee, FHA loans allow individuals who may not qualify for a conventional mortgage obtain a loan, especially first-time home buyers.

 

HELPING YOU AND YOUR FAMILY FIND A FOREVER HOME.

AT A GLANCE:

    • FHA loans are government-backed loans made for borrowers with average or lower-than-average credit and stable income.
    • Down payments can be as little as 3.5%*.
    • FHA Loans can be used for a purchase or refinance.
    • Borrowers are typically required to purchase Private Mortgage Insurance (PMI).

WHAT IS IT?

FHA home loans are mortgage loans offered by private lenders and insured against default by the Federal Housing Administration (FHA). The FHA doesn’t issue loans or set interest rates; it just guarantees against default.

Because of this guarantee, FHA loans allow individuals who may not qualify for a conventional mortgage obtain a loan, especially first-time home buyers.

 

What are the benefits of an FHA loan?

FHA-backed loans offer lower minimum down payments, reasonable credit expectations, and flexible income requirements.*

IS An FHA LOAN FOR ME?

Borrowers with average and below-average credit and stable income may qualify for the FHA-backed loan!

FHA Loans are great if you can pay the monthly mortgage payments but lack the credit profile to qualify for a traditional loan. This is made possible by FHA’s reasonable credit expectations and flexible requirements.

Just like any home loan, our loan officers can determine your eligibility for an FHA home loan.

If your credit profile is average or below-average, and you only have 3.5% of the purchase price saved as a down payment, the FHA loan may be the best choice for you to purchase sooner, rather than later.

Dayton FHA Loan
Dayton FHA Loan

WHAT’S THE NEXT STEP?

Before you begin shopping for homes, contact a Loan Officer! Even if you’re not ready to buy today, they’ll give you the information and resources you need to move forward with confidence.

If you’re ready to purchase a home, your offer will become stronger with a pre-approval from Northern Mortgage. No matter your lender, a pre-approval is highly recommended.

In order to apply, you’ll need to collect several documents, including proof of income and assets (e.g. bank statements, etc.), employment verification, and identity verification.

You’re more than welcome to reach out to any of Northern Mortgage’s licensed loan officers with any questions you have!

* No guarantees or offers to lend implied. Contact a licensed loan officer for additional details or to determine eligibility.

Reviews worth sharing.

Real People. Real Results

Our final mortgage was a full 0.5% below any of the nearest competitors! But the real deciding factor was the service from our Loan Officer. They SHOWED his skill by talking straight business. In the end, they exceeded all expectations. They focus on DELIVERING quality. You will be well rewarded with the honest help they can offer.

Nick B.

Simply put, the team at Northern Mortgage did the work and made the difference for my wife and I. They were so clear and always felt like they were in our side. Truly felt like a blessing working with them.

Cheyne J.

Welcome home.

Northern Mortgage

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