For first-time homebuyers and others looking for competitive financing in Seattle, Bellevue, or anywhere in Washington, FHA loans offer affordable rates and friendly terms.
An FHA loan is a mortgage which is insured through the Federal Housing Administration. With FHA backing, these types of loans are less risky from a lenders perspective. This is what makes it possible for them to offer excellent benefits to qualifying applicants.
If you qualify for an FHA loan in Seattle or elsewhere in the state, here are some of the advantages which you can expect:
Depending on your credit score, your down payment could be as low as 3.5%.
Your credit score does not need to be ideal in order to qualify for the program or to get competitive interest rates and terms on your loan.
Closing costs for FHA loans tend to be affordable, and in some cases, may even be paid in full by the seller.
It is up to you whether you want to apply for an FHA loan with a fixed rate or an adjustable rate.
FHA loans are available for multiple purposes. With an FHA-insured loan, you can build or buy a home or make renovations to a home you already own. You may also refinance or consolidate your debts.
While FHA loans are popular among first-time homebuyers in Washington, is a misconception that you need to be purchasing your first home in order to apply for an FHA loan and be approved.
Following are the requirements for approval:
All told, the FHA loan program is a flexible one, and many homebuyers can benefit from it, whether they are purchasing their first home or not.
Blue Square Mortgage has helped customers in and around the Seattle area as well as the entire state of Washington to successfully apply for FHA loans and all the benefits they include. To find out if you are eligible to be, please call (206) 352-6453 to schedule a consultation.
Blue Square Mortgage is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.