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FHA Mortgage Loans – Asheboro NC
Since 1935, First Bank has been a bank dedicated to providing for the community. We offer FHA mortgage loans in Asheboro, NC to help home buyers and refinancers obtain a mortgage that is beneficial for them. A FHA mortgage loan is a loan where the Federal Housing Administration (FHA) insures mortgages for qualified homebuyers or refinancers with benefits such as low down payments and flexible terms.
First Bank Can Provide FHA Mortgage Loans To Qualified Homebuyers
There are a lot of things to consider before applying for a FHA mortgage loan, like features, terms and benefits. First Bank offers a variety of fixed-rate and adjustable-rate FHA mortgage loan options. Some other features include:
- Down payment options as low as 3.5%.
- May allow you to use a gift or grant for all or a portion of the down payment or closing costs.
- Lets you add extra features such as a temporary buy down.
- You typically have to pay upfront and monthly FHA mortgage insurance premiums.
There are many benefits to an FHA mortgage loan. Probably the most notable benefit is that they require less cash upfront, which is beneficial for home buyers that can’t meet the traditional 20% down payment requirements. FHA mortgage loans are also available for all income levels.
Before applying for an FHA mortgage loan at First Bank in Asheboro, NC, it is important to consider a few things.
- FHA loans have low down payments, but there are other loan products that could have the same benefits. Speaking with a First Bank loan specialist could help you determine what type of loan works best for your financial situation.
- Sometimes FHA loans can be more expensive than other options and should be considered after looking at all other loan products that meet your credit qualifying and financial needs.
To learn more about First Bank’s FHA mortgage loans, click here or visit one of our Asheboro, NC branches.
Loans subject to credit approval.
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Sources:
FHA: https://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/fhahistory