JFK Financial NMLS # 6540  
Ken Sarna MLD # 32564 / NMLS # 147577            

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FHA Loans

FHA loans have been helping people become homeowners since 1934 and are widely considered the first time home owners’ loan or the ideal loan for borrowers with less than perfect credit for a variety of reasons.

Some benefits of FHA loans are:

  • Low down payments (3.5%)
  • Lowest Interest Rates
  • Low closing costs
  • Easy credit qualifying
  • Allows for less than perfect credit borrowers and borrowers with limited employment history
Some negatives of FHA loans are: 
  • FHA Loans have up from Private Mortgage Insurance (PMI) that gets built into your loan balance
  • FHA loans just like Conventional Loans have a monthly Mortgage Insurance (MIO) built into your payment. This is now for the life of the loan so if you want to get out of it you would need to refinance the loan into a conventional loan
  • FHA loans are only for primary residences so you must occupy the home that you are getting the loan on
     

 

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