Easy Qualifications With FHA Loans
A Federal Housing Administration (FHA) insured loan is backed by Private Mortgage Insurance (PMI) which is often paid by the borrower. In general, FHA insured loans are easier to qualify for.
The FHA, or Federal Housing Administration, provides insurance on mortgage loans to encourage lenders to extend loans to individuals who might have difficulties achieving a loan otherwise.
FHA loans help first time buyers, individuals who are not able to put money away for a down payment, and individuals with lower credit scores.
- Lower down payments and closing costs
- Lock in low rates
- FICO’s as low as 580
- Same exact payment every month
Steps to FHA Loans
Before you start the FHA loan process, be prepared to provide some information to one of our loan officers.
- Social Security numbers
- Gross monthly salary
- Banking and financial information
- Tax returns
How FHA Loans Work
- Complete a loan application.
- Provide the documentation required by the lender.
- Down payment of 3%*
- Complete the loan transaction.
Supporting America’s Service Members
Mayo Mortgage Group is a strong supporter of America’s service members, veterans, and military families. We are honored to help America’s veterans and military families save money on their home mortgages. We seek to provide prompt, courteous and hassle free service.
Mayo Mortgage Group strongly believes in rewarding those who serve and many team members with Mayo Mortgage Group are closely linked with military servicemen.