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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?

Here are two options that NorthPort Funding can provide to help you in your home-buying journey

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
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FHA Loans - Credit Score and Down Payment

If you have a credit score of 580 or higher, you can qualify for an FHA loan and provide just a 3.5% down payment.
If your credit score is between 500 and 579, you can still qualify for a FHA loan, but you will have to pay 10% of the home’s value up front.

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

 

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Contact us

Contact NorthPort Funding today to find out whether a FHA loan or a VA loan is the best option for you!