FHA Mortgages for Young Home Buyers
Many people think that purchasing a home at a young age is out of the question. However, FHA mortgages make it possible. An FHA mortgage allows you to make a low down payment and does not require you to have perfect credit.
If you are a recent college graduate, or maybe you just don’t have a lot of money saved up, an FHA loan could be a great option for you. Conforming home loans require you to make a minimum down payment of 20%, unless you want to pay for mortgage insurance. However, with an FHA loan you can make a down payment of as little as 3.5%.
An FHA mortgage loan is also a great option for people who may not have the best credit. FHA underwriting guidelines are more lenient a conforming loan.
Interest rates for FHA home loans are about the same as conforming home loans. If you’re young and don’t think you can afford to buy a home you may be wrong. Paying rent can be just as expensive as paying a mortgage.
If you are interested in an FHA loan, contact us below or at 708-531-8388.