FHA Loan
Designed to help individuals who may have difficulty qualifying for a conventional mortgage
Insured by the Federal Housing Administration, FHA loans are designed to help individuals who may have difficulty qualifying for a conventional mortgage due to a lower credit score or lack of funds for a down payment. FHA loans offer a fixed interest rate, which may provide stability and predictability for borrowers over the life of the loan.
It's important to note that FHA loans do require mortgage insurance, which can increase the overall cost of the loan. However, the benefits of lower down payment and credit score requirements, fixed interest rates, and more flexible debt-to-income ratios can make an FHA loan a good option for many borrowers.
Questions? If you are unsure about which type of mortgage is right for you, contact one of our loan officers before applying.
FHA loans offer several benefits, including:
Lower down payment requirements
Lower credit score requirements
Fixed interest rates
More flexible debt-to-income ratios
Assumable loans
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Important Legal Disclosures
Must meet membership eligibility requirements. *APR=Annual Percentage Rate. Must be or become a Collins Community CU member to obtain a loan. Rates, terms, and conditions are subject to change and may vary based on creditworthiness, qualifications, and collateral conditions. All loans are subject to approval. Federally Insured by NCUA.
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