What if you want to purchase a home with a low down payment and low mortgage rates? And what if your credit score is not perfect?
An FHA mortgage in Stockton is one way to make it happen. With this type of home loan, you can put just 3.5% down on a home and enjoy affordable mortgage rates. Borrowers do not need ideal credit to be approved. So this is a great option if you are still working on building your score.
What is an FHA Loan?
An FHA loan is a mortgage with flexible credit qualifications which is insured by the Federal Housing Administration (FHA). By providing this type of backing for your mortgage, the FHA offsets negative factors in your risk profile for easier loan qualification and more competitive rates and terms.