If you have dreamed of owning a home, but don't have 20% to dedicate to a down payment, we may have the solution for you! FHA Loans are designed to let buyers own their home for as little as 3% down. FHA Mortgages were designed by the Federal Housing Authority to make the dream of owning a home easier to achieve.
FHA Mortgages are backed by the federal government, minimizing the risks lenders take for offering loans with a lower down payment and lower credit restrictions. To qualify for an FHA Loan, you must have a minimum credit score of 640. One thing to keep in mind is that you will have to pay a mortgage insurance premium for the life of the loan. This mortgage insurance is designed to protect the lender in the event of a defaulted loan since they are carrying a risk with the low down payment.
Dominion Mortgage Services specializes in serving the communities of Greenville, Anderson, and Spartanburg as well as the entire state of South Carolina. Call us today for a free quote!