FHA loans in St. Louis feature no income limits, low down payments, and are insured by the Federal Housing Administration. For some single-family homeowners, down payments may be as low as 3.5%. Federal Housing Administration loans are becoming increasingly popular and are an attractive option for first-time home buyers.
Why Choose An FHA Loan?
While they are commonly associated with first-time buyers, St. Louis FHA loans are also available to borrowers who have previously owned a home. FHA loans have less strict criteria than traditional home loans, making them an attractive option to those with some historical credit problems or less traditional credit.
FICO scores are evaluated in 98% of cases. Minimum credit scores vary depending on the type of loan, but for a mortgage with a down payment as low as 3.5%, the borrower will need a minimum credit score of 580. Those with lower scores should contact a loan originator to discuss their options.
American Equity Mortgage FHA Loans
With more than 25 years of experience in the St. Louis market, American Equity Mortgage has the local experience to help you get to a better place. Our loan originators live and work in St. Louis, giving them a unique perspective on St. Louis FHA loan opportunities.
American Equity Mortgage in St. Louis serves surrounding metro areas that include: Mehlville, Maryland Heights, Cahokia, Brentwood, Chesterfield, Florissant, St. Charles, High Ridge, and O'Fallon. If you believe an FHA loan in St. Louis is right for you, contact a Loan Originator today.