FHA loans are loans designated by the U.S Department of Housing and Urban Development to help first time house buyers get their homes. If you intend to purchase your first house, then you will have a lot of benefits when you opt for the FHA loans as opposed to the conventional loans. It is however important to understand that this is not a government loan and the first time buyers will still have to repay the loans with their own funds.
One benefit of this kind of loan and which makes it appealing to many is the fact that the Federal Housing Administration offers insurance to the lender hence allowing the first time house buyers to make very low and affordable down payments. But in order to be approved for this lending, you meet a set of rules and regulation stipulated by the Department of Housing and Urban Development.
FHA Loan applications are very flexible hence makes it very easy for the first time home buyers to make their first purchases. It will excite you to learn that with this type of loan, you can still qualify for it even if you have a not so pleasant credit card score, if you have declared bankrupt in the past or even if you are in need of a cosigner. The important thing to note however is that a home appraiser will have to first qualify your desired needs to ensure that you meet certain criteria.
As much as most sellers will not have a maximum sales price for their houses, there is a set maximum for the amount of FHA loan you can access. This will however vary depending on a number of variables as well as the state in which you are making the application. In most cases, the average amount of loan that a person can access for a single family home in most of the cities is $287,500. But as noted earlier, this is just the average amount. It might be higher is some states or lower in others.
Though the primary intent of FHA loans is to help first time house buyers acquires their first homes or property, the use of this loans is not limited to this alone as you can still use it for other purposes. First time home buyers are free to use the loan for-:
Contact us today if you need any assistance with getting or applying for FHA loans in [CITY]. We have helped thousand of first time home buyers to access the necessary funding they need to purchase their dream homes and we are eager to make you one of our such happy clients. Get in touch with us today for more information.
Before you set out to shop for a loan, it is important to understand the meaning and relevance of mortgage pre approval and why you need to start your...Read More...
Many borrowers are eager to take advantage of the fallen interest rates to apply for mortgage refinance. But as this happens...Read More...
Many agents and home buyer are still skeptical about embracing the VA loans program since they view it to be tedious and full of restrictions...Read More...
Suppose your father is a vet and though you are no longer dependent on him, are eligible for the VA home loans?Read More...
Subscribe to our newsletter and receive latest mortgage news directly to your mailbox.
4.91 stars - based on 50 reviews
400-420 N Jackson St, Marquette, KS 67464, , USA
Call now at: 866-347-9591
Hours: Mon-Su 8am - 7pm
We specialize in offering different kinds of loans ranging from VA home loans, FHA loans and we also offer refinance mortgage services. We are a team of experienced and highly skilled lenders who have been in the industry for the last three decades and have hence developed the skills and knowledge necessary to ensure that you get the best of every loan application you make. Talk to us today and enjoy the massive benefits that many homeowners have enjoyed when they needed our assistance to secure their homes.