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Savvy Mortgage FHA-Loans
FHA Loans Offer Flexibility and Ease

FHA loans work well for buyers with lower credit scores, prior bankruptcies, or higher debt.

Federal Housing Authority (FHA)

Federal Housing Authority (FHA) loans are insured by the federal government. The FHA is a division of the U.S. Department of Housing and Urban Development. FHA loans can only be used to purchase a primary residence.

Because the loan is insured lenders have less risk if you are unable to repay your mortgage. This results in benefits for borrowers.

FHA loans offer a lot of flexibility. Qualifying buyers may be able to put down as little as 3.5% down. Also, if you’re credit score is less than “excellent” you can still qualify.

Another benefit of FHA loans is that seller-paid closing costs, or concessions, are permitted up to 6% of the purchase price.

Many lenders offer FHA loans. The government pre-approves lenders including banks, credit unions, and mortgage lenders. However, each set their own rates and fees.

The Savvy Team can help you determine which option is the best for you.

FHA Advantage Summary:

  • Flexibility with buyer’s credit score
  • Increased purchasing power
  • A minimum down payment option of 3.5% of the purchase price
  • Seller-paid closing costs and concessions are allowed up to 6% of the purchase price.

Loan Guidance

The Savvy Mortgage team is well-versed in these types of loans and can offer you their expert guidance about all factors you should consider. They will make sure you have all the information to decide which is the right approach to home ownership for you.

What You Can Expect as a Savvy Client:

Eileen, Tracie, and their team will work with you to help you identify the right loan for your needs.

Throughout the process you’ll receive the excellent customer service and support Savvy is known for.

Savvy will be by your side, guiding you every step of the way:

  • Complete our simple loan qualifier survey
  • We’ll send you customized information about your best options
  • We’ll work with you to compare mortgage terms and rates to find the right one for you