DCU FHA Loans
What is an FHA Loan? /
Easier for buyer to qualify /
Benefits /
Rate Information /
How To Apply /
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An FHA loan is a federal assistance mortgage loan insured by the Federal Housing Administration. The FHA loan program began in 1934 to help people with low incomes become homeowners during the Great Depression. FHA loans are an ideal way to help first-time homebuyers. The program aims to help many people who can otherwise not afford a home. The FHA does not make the loans – only qualified lenders, such as DCU, can offer FHA loans to homebuyers who fit the loan criteria.
Because FHA loans are insured by the government, homebuyers
can qualify for them more easily than traditional mortgages. New
easier qualifying guidelines include:
- No minimum FICO score or credit score requirements
- Higher debt ratio allowed than other home loan programs
- Less than two years of employment is acceptable, and self-employed individuals are eligible to apply
These new advantages make an FHA Loan one of the best options
for many first-time homebuyers as well as move-up homebuyers.
However, it’s important to note that creditworthiness of potential
borrowers must still be determined to ensure the potential
homeowner can afford the home (this helps protect the buyers
and DCU).
FHA loans offer low down payments and closing costs. For example,
a down payment for a homebuyer can be less than 3% of the
purchase price and most of the closing costs and fees can be
included in the total loan amount. In addition, a gift for a down
payment or closing costs is allowed, or the seller can credit up
to 6% of the sales price toward the buyer’s costs.
Get Preapproved – Find out how much mortgage you can get before you shop for your home. Get it online for any program. Get it by phone for a 30-year Fixed-Rate Mortgage. Just call 800.328.8797 and select 3.
Apply online – Apply for a mortgage in all 50 states.
Apply by phone – Call 800.328.8797 (select 3) anytime Monday – Friday 8:00 a.m. to 11:00 p.m. or Saturday 9:00 a.m. – 3:00 p.m., Eastern Time. A representative will guide you through the entire application process. Once you close your loan, your loan will be serviced by DCU for as long as you have it. You don't need to deal with the hassles that occur when your mortgage is sold over and over.
Apply at any DCU branch – For the branch nearest you, visit our DCU Branch Location page.
Our up-to-date Mortgage rates are available on our web site, at any DCU branch, or by calling the Information Center at 800.328.8797.
DCU Insurance offers insurance with the personal service you deserve. So whether you have Homeowners Insurance or need it, DCU Insurance could be the right choice for you.
Remember that any insurance required as a condition of the extension of credit by the credit union need not be purchased from DCU Insurance but may, without effecting the approval of the application for credit, be purchased from an agent or insurance company of the member's choice. Insurance products are not deposits of Digital Federal Credit Union (DCU) and are not protected by the NCUA. They are not an obligation of or guaranteed by the credit union and may be subject to risk. Insurance is offered by DCU Financial Insurance Services, LLC, an affiliate of DCU. Business conducted with DCU Insurance is separate and distinct from any business conducted with the credit union. Any questions or concerns regarding this relationship may be addressed to the Office of Consumer Affairs.
Digital Federal Credit Union
220 Donald Lynch Boulevard, PO Box 9130, Marlborough, MA 01752-9130 • 800.328.8797
® 2006 Digital Federal Credit Union