Posted on: 25th May, 2009 06:53 am
I want a fha loan for a home 40 50 year and low rate of interest I am an ssi. I live in wis.
Hi forgottenwaysd
FHA loans are available to people with a minimum credit score of 620. Loans available through FHA approved lenders can be repaid over a period of 10, 15, 20, 25, or 30 years. You should have a stable income and you should be able to pay a down payment of at least 3%. Rates will not be as low as 4% but you can definitely take advantage of the current market rates. However, as you are on SSI, it can get difficult for you to get a loan.
Thanks.
FHA loans are available to people with a minimum credit score of 620. Loans available through FHA approved lenders can be repaid over a period of 10, 15, 20, 25, or 30 years. You should have a stable income and you should be able to pay a down payment of at least 3%. Rates will not be as low as 4% but you can definitely take advantage of the current market rates. However, as you are on SSI, it can get difficult for you to get a loan.
Thanks.