FHA loans are home mortgages that are insured by the Federal Housing Administration. They are government-backed loans designed to provide a safe and affordable option for Americans to buy homes. FHA loans are popular because they require lower down payments, have lower credit score requirements, and have more flexible lending guidelines compared to traditional loans.
FHA loans were designed for low- and moderate-income individuals and families who want to buy a home but don't have enough money saved for a down payment or don't have perfect credit. To be eligible for an FHA loan, the borrower must have a credit score of at least 500 and put down a minimum of 3.5% of the home's purchase price. The borrower must also prove they have steady employment and income to afford the monthly mortgage payments!
As little as 3.5% down for buyers with a credit score of 580 or higher
More lenient approval for those with lower credit scores
You can qualify for a loan even if you have other outstanding debts
The housing market can be tough for first-time homebuyers, young families, and others who don't have the resources to meet the strict requirements of a traditional loan. An FHA loan is a good option in these cases because it can help you buy the home you want with lower credit score requirements, a lower down payment, and more flexible lending guidelines.
Additionally, FHA loans offer competitive interest rates and are assumable, making them a smart choice for those who want to stay in their homes for the long-term. With these benefits, an FHA loan is an excellent option for first-time homebuyers and anyone who wants to make homeownership a reality.
Ed Fussell NMLS #309042
Mercantile Mortgage Corporation, a div of Bankers Residential Mortgage Corporation
NMLS #1657876
Mercantile Mortgage
1401 N. CENTRAL EXPRESSWAY SUITE 100
Richardson, TX 75080
Company Phone:
(972) 661-9988
Operation Manager Cell:
(972) 333-9914
Bankers Residential Mortgage Corporation DBA Mercantile Mortgage Corporation is an equal housing lender. This is not a commitment to lend or extend credit. Programs, rates, terms and conditions are subject to change without notice. Terms and conditions apply. All rights reserved. Contact us for details. Consult your accountant about tax deductions.
complaints.or.concerns@MercantileMortgage.com
NMLS Consumer Access http://nmlsconsumeraccess.org/
CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.
THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.
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