Sun Mortgage Funding offers FHA loans for homes in Saint Landry LA. Potential homeowners who have a challenged credit rating that they fear isn't high enough for them to pursue the dream of home ownership can rest assured. As long as you can qualify with a credit score of at least 640 and produce a down payment of 3.5% of the final price, you can purchase your new home with an FHA loan.
In 2012 FHA qualifications were revamped to discourage defaults. The minimum FICO credit score was set at 580 and buyers were required to put 3.5% down. The average mortgage lender, however has set the minimums at higher levels. The vast majority of banks and lending institutions have set the minimum rates for FHA lending at 620-680. Sun Mortgage Funding provides applicants with a minimum credit score of 620 with FHA loans.
The dream of home ownership expands to include many more families when qualified individuals have lower down payment requirements. The down payment may increase from 3.5% up to 10% if credit concerns are present. The down payment must come from funds that were accumulated over time or from a gift; they cannot be from borrowed money.
While a conventional loan requires a 20% down payment, the FHA only requires a 3.5%- 10% down payment. With these less demanding terms, more new borrowers can pursue their dream of home ownership. We understand that the challenges of daily life often prevent many from saving large amounts of money. The Federal Housing Authority understands those issues as well. They designed the terms of the new FHA loan to address the inequity that these challenges create in the world of home ownership.
By offering FHA financing to potential borrowers, we are disseminating seeds for the dream of home ownership to thousands of families residing or wishing to reside in Saint Landry, Louisiana. Single family homes through to four-plex homes are eligible. However, there are price caps for the loans. Maximum loans for each category of homes start at $217,050 for single family homes and go up to $521,250 for a four-plex.
Potential home owners can seek a consultation with one of our mortgage representatives. They can help you select the best mortgage loan for your family's needs. After reviewing your options between 30 year fixed and Adjustable rate mortgages, the option that is best suited for your circumstances will be processed and approved. You'll be on your way to the pride and enjoyment that comes from owning a piece of the American dream, your new family home.