Why Chose an FHA Loan?
- Down payments on FHA mortgages start as low as 3.5%* of the purchase price of the home. Conventional mortgages may require larger down payments.
- Fewer credit restrictions: if you don’t qualify for a conventional loan, an FHA mortgage can be a great alternative. FHA loans have less restrictive down payment and qualification standards than traditional sources of financing.
- You may qualify for an FHA mortgage with less-than-perfect-credit. Minimum credit scores needed for FHA loans are typically lower than those on conventional mortgages.
- Current FHA mortgage holders may qualify for an FHA Streamline refinance with no new home appraisal or income verification.
- There are no-closing-cost options for borrowers looking for an FHA mortgage.
Low-Rate FHA Financing
Don’t let credit issues stop you from purchasing your Dream Home. At South Shore Mortgage we are an Approved Government Lender. FHA might be just what you need! Your down payment can be as low as 3.5%* of the purchase price, and most of your closing costs and fees can be included in the loan. Available on 1-4 unit properties.
*Example FHA is a purchase for $200,000 with 3.5% as a down payment or $7000, Interest rate is an example at 4% , 4.71% APR.