Get an FHA Loan in New Orleans, LA and SAVE!
FHA Loans are one of the most popular loan programs in New Orleans. The Federal Housing Administration Loan is a great loan program for NOLA homebuyers looking to purchase a home.
The FHA loan was created by The Department of Housing and Urban Development to spark homeownership for low to moderate-income homebuyers.
The FHA loan is a great program but is it right for you? Here are a few benefits to consider:
These are just a few of the benefits of getting an FHA Loan in New Orleans.
FHA loans are a great program and if you are looking for a loan program that will make it easy to get a mortgage, especially if you’ve had past financial issues it’s hard to beat. However, it does have some downsides that you need to consider.
* A quick note about PMI: PMI gets a bad wrap. Many people talk bad about PMI and tell you that you should avoid it, but keep in mind the only way to do that is to save 20% down! Without PMI you wouldn’t be able to get a mortgage. We think this is a small price to pay to start building equity now.
The FHA loan does have a few requirements you need to meet if you are going to be able to use the program.
FHA is one of the most flexible loan programs if you’ve had past credit issues. While some loan programs such as conventional loans may not approve you if you have collection or charge-off accounts, FHA can be very flexible.
FHA Does Not Allow:
How can you get an FHA Loan in New Orleans? Let’s jump in!
We would love to be the expert to help you find the perfect loan. We can shop hundreds of lenders for you, in about 5 minutes, with one credit pull!
We have many loan programs available in New Orleans including Down Payment Assistance and Flexible Credit Options
An adjustable rate mortgage is a home loan with an inital rate that’s fixed for a specified period then adjusts.
A FHA mortgage is a home loan insurance by the Federal Housing Administration. FHA Loans offer low down payment and flexible credit requirements
VA Mortgage are backed by the Department of Veterans Affairs and are available to military members and veterans.
USDA Rural Development Mortgage is a home loan back by the United States Department of Agriculture and offers loans with no down payment requirement.
Flexible Credit Requirements and Low 3.5% Down Payment Check Your Eligibility Below