Pilgrim Mortgage
FHA Loans
FHA Loans
An FHA loan is a home loan insured by the Federal Housing Administration, a part of the U.S. government.The government doesn’t lend you the money, a lender like Pilgrim Mortgage does. And because the FHA insures the loan, lenders have more flexibility when it comes to qualifying buyers. That’s why FHA loans are so popular with first-time buyers, and with anyone whose credit has had a few bumps along the way.
an FHA loan might be a good fit for you if:
You’re buying your first home
Your credit score isn’t where you’d like for it to be
You’ve been saving for a down payment, but aren’t sure if you have enough
What makes an FHA Loan different?
FHA loans offer more forgiveness with credit score and more flexibility with a down payment. Qualified buyers may be able to purchase a home with as little as 3.5% down. And even with a lower credit score, you may still have options with a larger down payment.
And speaking of credit... life happens. A lower credit score, or even a past bankruptcy or foreclosure, doesn’t automatically rule you out. There may be a waiting period, but the door isn’t closed.
And here's another perk! With an FHA loan, your down payment can come from a gift, like money from a family member. And... the seller can help pay some of your closing costs.
… and they aren’t only for a single-family residence!
Whether you're looking for your first home, a little more room to grow, or even a duplex, triplex, or fourplex, FHA financing may have you covered.
An FHA loan has helped millions of people become homeowners, many of whom thought they weren’t ready yet. You don't need perfect credit or a mountain of savings to start exploring homeownership.