Welcome to Southern Elite Mortgage, where we believe in making homeownership accessible to everyone. An FHA mortgage is a popular option for first-time homebuyers and those with less-than-perfect credit. Backed by the Federal Housing Administration, FHA loans offer flexible qualification requirements and low down payment options.
What is an FHA Mortgage?
An FHA mortgage is a home loan insured by the Federal Housing Administration (FHA). This insurance protects lenders, allowing them to offer loans with more flexible terms and lower down payment requirements. FHA loans are designed to help people who might not qualify for conventional mortgages.
Who Should Consider an FHA Mortgage?
FHA mortgages are ideal for:
Low Down Payment: With an FHA loan, you can buy a home with as little as 3.5% down, making it easier to save up for a purchase. Some borrowers may qualify for 100% financing!
Flexible Credit Requirements: FHA loans are more forgiving of past credit issues, so you can qualify with a lower credit score compared to conventional loans.
Higher Debt-to-Income Ratios: The FHA allows higher debt-to-income ratios, which means you can qualify even if you have existing debt.
Competitive Interest Rates: FHA loans offer competitive interest rates, which can save you money over the life of your loan.
To qualify for an FHA mortgage, you generally need:
Southern Elite Mortgage LLC, NMLS# 2581600 (www.nmlsconsumeraccess.org). Southern Elite Mortgage LLC is licensed in Virginia as a mortgage broker under license number MC-7881. This is not an offer for the extension of credit or a commitment to lend. Some restrictions apply. Not all applicants will qualify for financing. Southern Elite Mortgage LLC is an equal housing opportunity mortgage broker.
804-293-2425
