The main goal of the Federal Housing Administration (FHA) is to help the housing market and protect lenders if a borrower wants to default on their mortgage. Kara Davis, of Crew Lending, is happy to offer flexible financing options and great rates on FHA Loans in Lake Charles, Sulphur, Westlake and the whole state of Louisiana. For more information, click here or call me at 337-842-0115.
FHA Loan Uses
An FHA Loan can be used to purchase a new property, refinance your existing mortgage or renovate/rehabilitate a property. Cash out refinance options are available to purchasers who are in need of consolidating debt while streamline refinance loans can lower interest rates on current FHA Loans.
FHA Loan Advantages
FHA Loans offer lower down payment options and relaxed credit requirements compared to other mortgage loans. A large benefit of FHA Loans is that family members are able to gift funds needed for the down payment. Buyers interested in purchasing a home could qualify for an FHA Loan with a down payment of 3.5% of the purchase price. There are many more benefits of FHA Loans, contact Kara Davis today to find out if an FHA Loan is right for you!
To qualify for an FHA Loan the borrower must have a minimum credit score of 620. If the borrower’s credit score is below this threshold, they can still potentially qualify with a credit score of 580 given extenuating circumstances. To purchase a property using the FHA Loan program requires a down payment of 3.5%, keep in mind family members can gift the money if the borrower does not have adequate savings. Also on an FHA Loan the debt to income ratio is very flexible. Contact Kara Davis at Crew Lending for more information.
Kara Davis is a Trusted Mortgage Lender
Kara Davis from Crew Lending is happy to help her clients with all of their FHA Loan needs in Sulphur, Westlake, Lake Charles and the entirety of Louisiana. For those looking to refinance their current FHA Loans at a lower interest rate or purchase your very first home, Kara Davis can help! Click here or call 337-842-0115 with any questions you have on FHA Loans or how to get qualified!