Why FHA Loans Break Glass Ceilings

While Trump is president, many adhere to the idea that glass ceilings are here to stay. However, mortgage brokers in California are creating opportunities for those who may not be able to afford the finer things in life. FHA loans in California are breaking glass ceilings in the following ways:

Low Credit Score Acceptance

Not everyone has a history of good credit. A late credit card payment or other unfortunate circumstances can leave a mark on your credit score. These scores are sometimes used by mortgage brokers to determine the eligibility of certain loans. Nevertheless, FHA loans, backed by the Federal Housing Administration, accept lower credit scores.

Reduced Down Payments

A California mortgage broker can tell you that most loans don’t give you money without you first putting down a payment. FHA loans also may require some money down, but it is often less than loans that are backed by other lending institutions.

Gift Allowance

FHA loans in California also allow gifts from others to cover the cost of a down payment. If a charity or other organization offers money to finance a home, the Federal Housing Administration accepts the money without bias.

California Mortgage brokers can determine whether or not individuals qualify for FHA loans. They are also can tell home owners about the potential drawbacks of the loans including insurance fee cancelation, borrowing limits, and eligibility restrictions. Visit or Call Ablending in California for more information on FHA Loans.

 
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