MHQ - Mortgage HeadQuarters

When  purchasing a home at the Lake of the Ozarks , an FHA mortgage is an attractive option for anyone who is looking for an option that allows a down payment of 3.5%. If you qualify, the opportunity to come up with a lower down payment and the reduced/limited closing costs is a great benefit to any home buyer. This week, MHQ Mortgage Headquarters is sharing with you some information on FHA loans and what you need to know as a consumer. What is a FHA Loan? An FHA Loan is a mortgage that's insured by the Federal Housing Administration. They allow borrowers to finance homes with down payments as low as 3.5% and are especially popular with first-time homebuyers. FHA loans are also a good option for homebuyers who may not be able to make a large down payment. Even borrowers who have suffered from bankruptcy or foreclosures may qualify for an FHA-backed mortgage. Credit Score Requirements FHA Loan applicants must have a minimum FICO® score of 580 to qualify for the low down pay...

For today's home buyers, there are only a few mortgage options which allow for down-payments of five percent or less. When purchasing a home at the Lake of the Ozarks , an FHA mortgage is an attractive option for anyone who qualifies. The opportunity to come up with a lower down payment and the reduced/limited closing costs is a great benefit to any home buyer. Let's take a look at what an FHA mortgage is and some of the benefits of FHA financing for qualified buyers . WHAT IS AN FHA LOAN? An FHA loan is insured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD). The FHA does not loan money to borrowers, rather, it provides lenders protection through mortgage insurance (MIP) in case the borrower defaults on his or her loan obligations. Available to all buyers, FHA loan programs are designed to help creditworthy low-income and moderate-income families who do not meet requirements for conventional loans....