Anew Lending

If you have low credit scores and limited savings, you can own a home by getting a Federal Housing Administration (FHA) loan.

This fixed-rate loan might be right for you as it offers the security of having the same interest rate over the life of the loan.

Anew Lending, a reliable mortgage service in Sacramento, CA is sharing everything you need to know about how Federal Housing Administration (FHA) loans work.

Its team of professionals will work with you to find a mortgage option that is the best fit for you.

What is an FHA Loan?

Federal Housing Administration (FHA) loan is a loan that is insured by the government and has more flexible lending requirements than regular loans.

Although, because of the flexibility of its requirements, FHA loans have higher interest rates and the buyers will need to pay monthly insurance premiums along with their monthly loan payments.

3 FHA Loan Requirements

To be eligible for an FHA loan, you need to meet certain requirements. Here are three of the requirements for FHA loans:

1. Credit Score

FHA loans are eligible to individuals with credit scores as low as 500 assuming they can afford a down payment of 10%. However, if your credit score is higher than 580, you are eligible to make a down payment of 3.5%.

2. Loan Amount

FHA loans have maximum mortgage limits, depending on your state.

3. FHA Appraiser

The purchased property will undergo an appraisal from an FHA-approved professional to ensure the home is a good investment. This appraisal is different from a regular home inspection.

4 Reasons You Should Trust Anew Lending with Your Mortgage Needs

Are you in Sacramento, CA and need to access an FHA loan? Anew Lending will help you with everything you need. Here are four reasons you can trust it:

1. Experienced Professionals

It has a team of highly experienced loan officials who will ensure that you get the best loan option. They will explain everything you need to know and make recommendations.

2. Variety of Loan Programs

Anew Lending has in-house loan programs like USDA, refinancing, and jumbo loans. It also has established broker channels to help lenders get the best-suited loans.

3. Accessible

Its team of loan officers is accessible and will work with you within your available hours. You can trust them to return your calls even outside working hours.