What You Should Know About FHA Loans
If you are a first time home buyer or if you just don't think you can cough up 10% of your loan amount for a down payment it may be worth your while to look into an FHA loan.
FHA loans are loans insured by the federal government. These loans are often sought after by first time home buyers or those that may not have a lot of money to put down on a home because only 3% is required for the down payment. The interest rates are determined by your credit rating but are often more reasonable than that of a conventional loan if your credit isn't that good.
Qualifying for an FHA loan is just as much work as qualifying for any other loan. The difference though is that FHA guidelines for ratios, total housing costs aren't nearly as stringent as with conventional loans. This fact makes owning a home more achievable for more people.
There are a few issues to remember when dealing with a FHA loan. You cannot own two homes using FHA loans. Meaning you can?t rent out a property which you secured using an FHA loan and then go purchase another home using an FHA loan. Your home must be owner occupied. Another drawback would be that there are limits to the total loan amount. If your home is high priced you may not be able to qualify for an FHA loan.
Everyone deserves to be a homeowner no matter what the need or situation. Thankfully with loans such as FHA loans owning a home for some is finally becoming a reality.
Our Recommended FHA Mortgage Lenders:
Top Recommended Companies To Refinance With:
Act Now! Lower your monthly mortgage payment!
- Competitive rates and no hidden fees
- Bad Credit OK
- New Purchases, Home Equity & Refinance
- One dedicated mortgage banker from first call to closing
- Quick Application with worthwhile results
If you are looking for a mortgage loan but have "less than perfect credit" this company has options for people with credit problems. Complete a short form and get one dedicated mortgage banker from first call to closing with a simple, straightforward process.
Mortgage rates are still low. Refinance & Lower Your Payment!
- Get Started on a Lower Payment Now!
- America's #1 Online Lender
- Save More and Spend Less!
- No Obligation and Free Expert Advice
Another Great "bad-credit" Mortgage Company! QuickenLoans is also a competitive mortgage company for people with all types of credit including poor credit. Refinance or get new mortgage offers from this reputable Web based mortgage lender.