Less than perfect financial history? First-time home buyer? Here at Race Day, we want to provide everyone the ability to buy a home.
Our solution? The FHA loan
The FHA (Federal Housing Administration) loan is a government-backed loan to make it easier for homeowners to qualify for a loan.
They are great for people who want a secure, insured home loan while needing to finance more than 80% of the home value. FHA mortgages can help first-time home buyers, lower income families or buyers without a perfect credit history in purchasing their dream home.
Why do customers love FHA?
The requirements are very flexible and you are also eligible to use “gift money” towards a down payment. Gift money refers to any gifted funds from a family member, such as parent, sibling or spouse. If funds are tight this would help cover the down payment and even closing costs associated with the loan.
FHA Loan Benefits:
- Reduced down payment (as little as 3.5%)
- Lower mortgage insurance
- Lenient credit history
- Flexibility on repayment options and payment plans
- No income limits
If you meet the minimum credit score (580), income and employment requirements, you may qualify. Talk to one of our experienced Race Day loan officers today to find out more.