SHOULD I LOOK INTO AN FHA LOAN?   If you believe you are ready to begin the home buying process, absolutely, look into an FHA (Federal Housing Administration) insured loan! Generally, the FHA does not loan you the money for your home. Rather the FHA insures the home; meaning that if there is a time you are unable to meet your mortgage agreement and must vacate the house, the FHA will repay the lender. There are several aspects of an FHA loan that make them very appealing. 1. FHA loans are easier to qualify for: a. Because the lender has the insurance the FHA provides, often they are more willing to give you loan terms that you can live with; not struggle with. 2. No Credit Score Required: a. Many home mortgage lenders require you to have a particular credit score or credit score range to qualify for a mortgage. The FHA recognizes that “life happens”, and there may be reasons why your credit score has changed recently, i.e. divorce or illness. The FHA looks at your credit history, not your credit score. If your payment history shows accountability and a desire to make payments on all bills, then your credit score means nothing. 3. Low Down Payments: a. FHA loans have a 3% down payment requirement. Additionally, that money can come from a relative, employer, or charitable organization as a gift. This is a huge advantage over traditional mortgage terms. 4. Low cost: a. Because the loans are insured by the federal government, they are generally low interest loans. This lowers the overall cost of owning a home. 5. Commitment: a. The FHA is committed to helping you keep your home in times of trouble. There are many programs in place to help you when times get tough. Seeking out an FHA approved lender is a smart way to start your home buying experience. Good Luck and God Bless.