More information of FHA mortgage loan
When it comes to the M&T Bank FHA loan, you must reside in one of the states where M&T Bank operates (Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Vermont, Virginia, DC y West Virginia).
It is a product that favors lower income earners and, in some cases, there is no limit on how much you earn to qualify for this FHA loan.
In fact, if you are a first-time buyer, you can use the Get Started Mortgage program, which offers the following:
- The ability to finance your closing costs.
- Fixed monthly payments that you can afford and are cheaper than your current rent.
- The bi-weekly payment option, which can save you a lot of money on interest
- The use of non-traditional sources (timely payment of utilities and bills) to replace the lack of a credit history.
Along with this, the people at M&T suggest that you contact one of their executives to finalize the details of this banking product. Also, the recommended credit score is at least 580 and you can use family gifts and government assistance funds to pay the down payment.
The M&T FHA mortgage loan gives you the opportunity to get a home with more flexible terms. Most banks have this option and at Busconómico you can compare them whenever you need to.
Español: Préstamo hipotecario FHA del M&T Bank