Carolina Alliance Bank is now offering Federal Housing Administration (FHA) secured mortgages which will help make home purchasing and refinancing more feasible and affordable for many Spartanburg County residents.

As an FHA-approved lender, Carolina Alliance can help families buy a home with a lower down payment - often as low as 3.5%. Since FHA loans do not require as large a down payment as conventional mortgage loans, FHA loans are often popular with first time homebuyers, as the down payment money can come from a variety of sources including gifts and down payment assistance grants.

“FHA loans are a great option for many consumers and we are pleased, as a community bank, that we are able to offer them,” said Carolyn MacIntosh, Carolina Alliance Vice President/Senior Mortgage Lender.

MacIntosh said there are many advantages of an FHA loan including: customers can have a credit score of 640 (or higher); non-traditional credit is acceptable; first time home buyers are acceptable; and FHA loans have great versatility as they may be used to purchase or refinance a new or existing single family home.

FHA loans have been available since 1934 as a way for lenders to provide home buyers with access to safe and affordable loans, even during times of tremendous market volatility. These loans have many positives and are also compatible with industry requirements for: appraisal and repair; closing costs and lender insurance.

For more information about FHA loans, contact Carolina Alliance Bank at info@carolinaalliancebank.com or (864) 208-BANK (2265).