Columbia FHA Loans
The primary goal of the Federal Housing Administration (FHA) is improve the housing market and protect lenders in the event a borrower was to default on their mortgage. The FHA has grown to become the largest insurer of mortgages in the United States. The Cain Mortgage Team is proud to offer great rates and flexible financing options on Columbia FHA Loans.
A Columbia FHA Loan can be used for a number of different purposes including but not limited to: renovation projects, refinancing, and purchasing a new home. Cash-out refinance options are available to buyers in need of capital for debt consolidation and home repairs. Streamline refinance loans are available to reduce interest on any current loans you have.
Columbia FHA Loans offer relaxed credit requirements and lower down payment options that can make them easier to qualify for. Most buyers can qualify for a Columbia FHA loan with a down payment of 3.5 percent of purchase price and a credit score of 580. If a buyer does not have the savings to cover the down payment, family members are able to gift the money. Since these loans are easier to qualify for, FHA loans are very popular among homebuyers in Columbia South Carolina.
Columbia South Carolina FHA Loan Requirements:
- Income Requirements: a debt-to-income ratio of 43 is generally required although a higher one could be approved in unique circumstances.
- Down Payment: A down payment of 3.5 percent is generally required.
- Credit Score: Typically the minimum credit score required is 580 however buyers with lower scores could potentially qualify.
- Property Requirements: All properties purchased through the Columbia FHA loan program must meet certain security, safety, and structural integrity requirements.
The Cain Mortgages Team is committed to helping out clients with all of their Columbia FHA loan needs. Whether you are purchasing your first home, of looking to refinance your current FHA loan at a lower rate, the Cain Mortgage Team can help. Contact us today at (803) 261-9267 with any questions you may have on Columbia FHA loans or how to get pre-qualified!