At Westport Federal Credit Union, we offer a variety of mortgages to best suit everyone’s needs. Read on to see if an FHA loan is right for you.
What is an FHA loan?
FHA loans are loans that are backed by the Federal Housing Administration (FHA). Because of this, these loans make home ownership possible for low or moderate income buyers who might otherwise have a hard time getting approved for a loan.
How is an FHA loan different from a regular mortgage?
A regular mortgage is not insured by the FHA, so it will be harder for you to qualify if you’re not the type of buyer lenders look for. FHA loans also have lower down payment percentages than conventional mortgages, and the interest rates are typically lower. At times, you can even qualify for an FHA loan with a lower credit score.
Is an FHA loan the right fit for me?
An FHA loan may be for you if you are looking for a lower down payment, if your credit score isn’t perfect or you have tried for a conventional loan and you got denied.
What to do next?
If you have decided that an FHA loan is something you want to look more into, Westport Federal Credit Union has you covered. Stop by our Main Office at 655 State Road in Westport or give us a call at 508.679.0197 x419 to get more information.