Blake Schafer, Elevations Credit Union

Shopping for a new home? Make sure to do your research on mortgage loan options as one of the first steps to secure a loan. There are many types of mortgages, and one that may be a fit for your situation is a Federal Housing Administration (FHA) loan.

Typically, a Federal Housing Administration insured loan is easier to qualify for. They are available in a variety of fixed-rate and adjustable-rate loan options, and they allow for a lower down payment. FHA loans are backed by government-provided mortgage insurance, with both an upfront premium which may be financed and a monthly mortgage insurance payment.

Best fit

FHA mortgages are a good fit for homebuyers looking to purchase with a low credit score or less than perfect credit. This is also a good option for first time homebuyers.

How a mortgage professional can help

A mortgage professional is equipped to help homebuyers weigh the pros and cons of each mortgage type including FHA loans.

Bottom line

Consider an FHA loan if you meet the criteria. For more about other types of mortgage loans, visit elevationscu.com/mortgageblog.

By Blake Schaefer, Elevations Credit Union. Blake is a Mortgage Loan Originator at Elevations Credit Union. If you have questions regarding mortgages, please call 720.562.4614 or e-mail blake.schaefer@elevationscu.com. NMLS# 1163829.