FHA/VA Financing Options
Looking to purchase a new home but you haven’t saved up for a large down payment?
Finding it difficult to get a loan finalized?
A Federal Housing Administration
(FHA) loan
A Department of Veterans Affairs
(VA) loan
FHA Financing
FHA loans are great people looking to borrow money for a home, but find it difficult to get a loan finalized from a private lender. That usually means three things:
- The borrower has a lower-than-average credit score
- The borrower can’t make a large down payment
- The borrower has a low to medium monthly income
FHA Loans - Credit Score and Down Payment
How does an FHA loan work?
If you qualify for an FHA loan, the government agency insures it. That means the lender will get their money back from the government, in case of a default on the mortgage.
This makes lenders much more likely to approve a loan to people with low or medium monthly income.
You don’t apply for an FHA loan at the government agency - rather, the lender needs to be FHA approved, which NorthPort Funding is.
FHA loan requirements
The best thing about an FHA loan is that it has much more lenient requirements for its users.
Even if you went bankrupt in the past, you can still be eligible for a loan.
We will still check your credit score rating, your history of making payments, whether you have a steady income source and the other usual checks before approving a loan.
Contact NorthPort Funding today to find out whether a FHA loan is the best option for you!
VA Loans at NorthPort
Are you a US war veteran or a surviving spouse and looking to buy a house?
Here at NorthPort Funding, we also provide VA loans with incredibly generous terms!
- No down payment required
- Buy an existing home, build a new one or renovate the one you already live in!
- No payment penalties
- No private mortgage insurance
