When it comes to FHA loans in Gaithersburg and Silver Spring, Virginia, Primex Mortgage Corporation is the right place to go to.
Rockville, MD -- (ReleaseWire) -- 10/01/2018 --There is nothing to worry about the little money saved and less than perfect credit score for buying one's dream home. In many cases, FHA loans can help. For those that are a first time home buyer or those who need to refinance, FHA loans in Gaithersburg and Silver Spring, Virginia is worth considering. Primex Mortgage Corporation is one such well-known establishment offering FHA loans in Rockville, Bethesda, MD Silver Spring, Annandale, Virginia.
FHA loans are kind of home loans that the Federal Housing Administration insure. All they require are smaller down payment and lower closing costs. Those who do not qualify for a conventional mortgage can mainly benefit from these loan options. Not everyone can obtain conventional loans since they have stricter requirements, and require a higher credit score and more significant down payment. On the other hand, Federal Housing Administration loans require a down payment of as little as 3.5% on a mortgage. This allows the low and the middle-income group individuals to buy their dream home.
According to experts dealing with FHA loans, FHA permits a minimum credit score of at least 580 to qualify for the 3.5% down-payment advantage. A lower credit score won't be a big concern for one. The credit score can vary by lender. Shopping for one's home loan is good.
The limit of FHA loan is usually determined by location and property type. One can find the limit for one's area by taking help of a mortgage broker. In today's home loans market, a wide variety of FHA loans are available to meet the diverse needs of the consumers.
For more information about home equity loans in Alexandria and Fairfax, Virginia, visit https://www.primexmortgage.com/loan-options/featured/home-equity-loans-rockville-gaithersburg-silver-spring-bethesda-dc.
About Primex Mortgage Corporation
Primex Mortgage Corporation offers home loans for the customers residing in D.C, Washington, Alexandria, Virginia, and the adjoining cities in Maryland like Bethesda and Rockville.