FHA home loans are an ideal way to qualify for a mortgage with low down payments and credit scores if you’re a first-time homebuyer or have a unique financial credit history.
FHA mortgages are insured by the Federal Housing Administration (FHA) and are popular among first-time homebuyers or those with financial challenges. While these are government loans, they are underwritten and serviced by the majority of mortgage lenders.
FHA loans in Michigan require lower down payments and credit scores than other loan options, so they’re a great mortgage option if you need the flexibility to qualify. Here are a few additional benefits:
Whether you’re a first-time homebuyer or unsure if you even qualify for a mortgage, an FHA loan could be the answer. Here’s how to qualify:
While the qualifications are flexible, those with an FHA loan must pay private mortgage insurance (PMI), mortgage insurance premiums (MIPs), and adhere to more strict inspection standards. Our experienced team of loan officers will walk you through these items to ensure you’re confident with your home loan.
Ready to purchase or refinance your home? Apply today with Align Lending to learn more about your options!
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