FHA Loans

FHA Loans

FHA Loans Make Homeownership Accessible to Many Americans

Living room in home purchased with FHA loan Do you have fears that stringent eligibility or down payment requirements make homeownership too unaffordable for you? Dream Home by Bob offers great deals on FHA Loans in many parts of New Jersey: Aberdeen, Middlesex, Monmouth, Ocean County. Also known as FHA insured loans, these mortgages are usually used by first-time home buyers and are backed by the Federal Housing Administration (FHA). Many FHA Lenders have low to no down payment requirement and a streamlined application process. Dream Home by Bob offers great deals on FHA Loans in many parts of New Jersey: Aberdeen, Middlesex, Monmouth, Ocean County.

FHA Loans Were Created to Help Communities Thrive

FHA Loans were made after the Great Depression to help boost the economy through offering home financing for low to moderate income households. FHA Loans made it easier for people with weaker finances as a result of the economic downturn to qualify for a home. They also lowered requirements for down payments.

The key benefits of FHA loans are low down payments and easy credit qualifying. You can secure a down payment as low as 3.5% with a credit score of 580 or higher and as low as 10% with a credit score of 500-579. FHA loans are also lower risk to many lenders. Their government backing makes it more appealing to finance someone who may not qualify for a regular mortgage program from a private bank.

Qualifying for an FHA Loan Qualification

In addition to having a credit score of at least 500 and certain other financial history characteristics. there are a few other qualities you will need to demonstrate for approval of an FHA loans:

  • You must demonstrate steady income and ability to pay for monthly mortgage payments and for other homeowners’ expenses
  • You must live in your FHA-insured home as your primary residence.
  • You may choose terms from 15-30 years
  • You can receive your down payment as a gift

FHA loans are very popular among first-time homebuyers because of their minimal eligibility requirements. Many borrowers use an FHA loan up front to buy a home, then refinance later to a conventional loan with a lower interest rate. This way, they can offer a lower down payment. Then as the home gains equity, they will get approved for a better mortgage with less regulation and insurance needs.

Get Started on the Path to Affordable Homeownership Today

Dream Home by Bob offers great deals on FHA Loans in many parts of New Jersey: Aberdeen, Middlesex, Monmouth, and Ocean County.  We offer patience, good advice, and close attention to your needs in buying a home. Schedule an appointment with our team to look more into FHA loans or click here and get a free quote today.

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Senior Loan Officer
NMLS# 909635

Licensed in New Jersey and Florida

Equal Housing Lender

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Dream Home By Bob
P.O. Box 759
Loughman, FL 33858

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