First-time homebuyers often worry about their ability to qualify for a mortgage or home loan.  If you’re renting, it can be difficult to save up the money for a down payment.  If you miss a payment or have one late, renters can report it to your credit and have it negatively affect your credit score.  Saving money while making all of your payments on-time can be really difficult.  However, you can still buy a home.  Can you qualify for an FHA mortgage loan?  You can if you meet some baselines.

First, lots of people are not aware that you don’t need to have a full 20% ready to put down towards your new home purchase.  FHA Loans, or loans backed by the Federal Housing Authority, only require a 3.5% down payment.  There are ways to buy your home without saving up a full 20% down payment on your home.

Credit score is another thing that you can work on to get into your home.  FHA, again, has a lower requirement for buying a home.  You can get an FHA Loan with a credit score as low as 580 with a 3.5% down payment.  If your score is lower than 580, you may be asked to put down 10%, still less than the 20% for a Conventional Loan.

As you can see, your dream of home ownership is never dead.  You can buy a home with lesser credit and a smaller down payment if you use an FHA Loan.  The Home Loan expert team has the highest delegation for FHA lending, and can underwrite our own FHA Loans.  That means we can get you into your home faster than companies that have to farm out their underwriting.  We also make our own decisions on FHA Loans, since we are a direct-endorsed mortgage lender, not a mortgage broker.

Call The Home Loan Expert Team in St. Louis at (314) 781-9700, Chicago at (773) 770-4727, Indianapolis at (317) 550-1515, Nashville at (615) 810-8555 or Birmingham, AL at (205)721-7656.  You can always apply online at for your VA Loan, and for your other mortgage needs, and we’re also open on Saturdays and will come to you to help close your loan. We work hard to make it easy on you.  Nobody gets lower rates on better loans than The Home Loan Expert, Ryan Kelley, why go anywhere else?

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