mantle blog

How to buy a home with an FHA loan

Save Money with FHA Loan

June 30, 2023

FHA Loan

Considering buying a home with an fha loan?

Are you looking to buy a home but not sure where to start? If you’re considering an FHA loan, then this blog post is perfect for you!

An FHA loan is a great option for first-time homebuyers who may not have a lot of money saved up for a down payment. It is a government-backed loan that is designed to help people with lower credit scores and a limited financial history to become homeowners.

To help you understand how to navigate the home-buying process with an FHA loan, we sat down with Toby Stanfield, a realtor from Movement Mortgage, to get insider information and realtor tips.

What’s the Credit Score Required for an FHA Loan?

First and foremost, it’s important to understand the credit score requirement for an FHA loan. A minimum credit score of 580 is required to qualify for the loan with a 3.5% down payment. If your credit score is lower than 580, you may still qualify, but you’ll need a 10% down payment.

In addition to credit score requirements, there are other factors to consider when getting pre-approved for an FHA loan. One important aspect is your debt-to-income ratio. Lenders want to ensure that you’re financially stable enough to make your mortgage payments on time.

Can an real estate agent help me on buying a home with an FHA Loan?

Now that you know the basic requirements, let’s talk about finding your dream home. The first step is to find a reliable real estate agent who knows the ins and outs of the home-buying process. Toby Stanfield recommends finding an agent with experience in FHA loans, as they’ll be more familiar with the requirements and can help guide you through the process.

Once you’ve found a trusted agent, it’s time to start looking at potential homes. It’s important to keep in mind that homes purchased with an FHA loan need to meet certain property standards. These standards ensure that the home is safe, sound, and secure. Make sure you discuss this with your agent, so they can focus on finding homes that meet these standards.

Finally, don’t be afraid to negotiate. If you’ve found the home of your dreams but the price is a little high, don’t hesitate to negotiate with the seller. Your realtor can help with this process and give you advice on how to negotiate effectively.

Other Info needing when buying a home with FHA Loan.

In conclusion, buying a home with an FHA loan can be a great option for first-time homebuyers. Make sure you understand the credit score requirements and other factors to consider when getting pre-approved. Find a reliable real estate agent with experience in FHA loans, and work with them to find a home that meets the necessary property standards. And remember, don’t be afraid to negotiate! With these tips and a little help from the experts at Movement Mortgage, you’ll be on your way to homeownership in no time.

To hear more from Toby and learn everything you need to know about buying a home with an FHA loan, check out the video here: 

 

RECENT POSTS

Subscribe to our blog

Don't miss new updates on your email
Brush Strokes Landing Page

ABOUT MANTLE REALTY

Mantle Realty is a leading independent real estate firm based in the Triad of North Carolina. Mantle is passionate about providing clients with  cutting edge technology and hometown service, whether they are buying or selling a home.

Many of Mantle Realty’s agents have lived in the areas they serve their entire lives, and love turning their clients into their neighbors. With offices in Greensboro, Lexington, and Welcome, Mantle is equipped to cover all of the Triad with convenience and care.