Call: 732-540-2039

Email: [email protected]

Address: 205 N Ave W, Cranford, NJ 07016

FHA

Get into your dream home for as little as 3.5% down.


Why Go FHA?

Choosing an FHA loan can be a smart option for buyers with lower credit scores or those who need a smaller down payment, as FHA loans typically require as little as 3.5% down. They offer competitive interest rates and more flexible qualification requirements compared to conventional loans, making homeownership more accessible. Additionally, FHA loans are backed by the government, providing added security for both lenders and borrowers.

How Does FHA Compare to Conventional?

Which one makes more sense for you?

FHA loans and conventional loans each offer unique benefits depending on your financial situation. FHA loans are government-backed and generally easier to qualify for, with lower down payment requirements (as low as 3.5%) and more lenient credit score criteria, making them ideal for first-time homebuyers or those with limited savings. However, FHA loans require mortgage insurance premiums (MIP) for the life of the loan if your down payment is less than 10%. In contrast, conventional loans often require higher credit scores and larger down payments, but they offer more flexibility in terms of loan amounts and allow for the removal of private mortgage insurance (PMI) once you reach 20% equity in your home. Choosing between the two depends on your financial goals, credit history, and how long you plan to stay in the home.

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Contact Info

Address: 205 N Ave W, Cranford, NJ 07016

732-540-2039

info@homegotowned.com

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