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FHA Loan

FHA loans are an appealing choice for a wide range of individuals who are looking to purchase a home and have a moderate or low income. These loans offer numerous advantages to qualified homebuyers, including a reduced down payment requirement (as low as 3.5%), more affordable monthly premiums, and decreased closing costs. This makes them particularly attractive to both first-time homebuyers and those who have previously purchased a home but have limited income or a lower credit score.

Why an FHA Loan?

Low Down Payment

For individuals who meet the credit score requirement of 580 or higher, an FHA loan offers the advantage of a minimal down payment, starting as low as 3.5%. Alternatively, if the credit score falls below this threshold, a 10% down payment is necessary, which remains significantly lower compared to what is typically required for a conventional loan.

Flexible Debt-to-Income Ratio

Borrowers are granted the flexibility of having a higher debt-to-income (DTI) ratio. This means that they can allocate a larger portion of their monthly income, up to 50%, towards debt payments. This allowance for a higher DTI ratio sets FHA loans apart and provides borrowers with greater leeway when it comes to managing their financial

Low Credit Requirements

Among the various loan options available, FHA loans have notably lenient credit requirements. Vizion Mortgage, for instance, permits borrowers to have a credit score as low as 580, making it one of the lowest credit score thresholds among loan providers.

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Low Cost Mortgage Insurance

For borrowers who make a down payment of 10% or less on an FHA loan, mortgage insurance is a requirement. Unlike traditional private mortgage insurance, this insurance cannot be canceled. However, it typically carries lower premiums compared to conventional options.

Steps to an FHA Loan:

01  Get Pre-Approved.

Our online application can help you receive your pre-approval letter quickly. Plus, you can upload all required documents straight into the app to save you time and energy.
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Equal Housing Lender. NMLS# 2457732 We do business in accordance with the Federal Fair Housing Law and Equal Credit Opportunity Act.

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If you have a complaint, you can contact CFPB at consumerfinance.gov/complaint

Address: 3032 Alvey Park Drive Ste 600
Owensboro Ky 42303

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