What is an FHA Mortgage or Loan?
FHA mortgages are insured by the Government, specifically the Federal Housing Administration (FHA). These types of mortgages are available to homebuyers who may have lower credit scores or be interested in making smaller down payments than on typical conventional purchase loans or JUMBO loans.
Because of the less strict approval requirements needed to secure FHA financing, FHA loans are very popular with younger or first-time homebuyers (over 80 percent of FHA loans in 2020 were taken out by first-time homebuyers). Even though the FHA is a government entity and insures these loans, the loans themselves are actually provided by third-party mortgage lenders like us here at Carpenter Home Loans, LLC.
Think an FHA loan for a new home purchase in 85233 is the right type of mortgage for you? Contact us today to see what level of FHA financing you’re eligible for.