FHA Home Mortgage Purchase or Refinance Loan - Why You Might
Consider Getting an FHA Loan
Most borrowers have heard of FHA home loans. They are very
common. You hear about them mostly as loans for first time
borrowers, which is common. However, most people don't realize
that FHA loans can also be does for refinancing. They are not
only for purchasing a house.
HUD owns and operates FHA, which is a program designed to help
borrowers who might have difficulty buying a house. If the
borrower falls within FHA's requirements FHA insures the loan for
the lender, which makes the loan very low risk for the lender,
which is very good for the borrower. It could mean a lower
interest rate, better terms and just an overall better loan.
FHA's requirements are; a down payment of 3-5%, the home must
be under the FHA's set loan limit for the county that the
borrower lives in and a few other small requirements.
The main advantage to an FHA loan, is if you can fall within
their requirements, your credit history or income level, will not
hold you back from getting a home loan. If you are getting turned
down from other lenders because of a high debt to income ratio or
because your credit is bad. You may want to consider applying for
an FHA loan, where those requirements are either non-existant or
much more flexible.
If the idea of down payment is holding you back, consider
also, that FHA loans allow the use of a non-profit organization
as a source for the down payment, which opens up the option of
using down payment assistance programs like Neighborhood
To view our list of recommended mortgage lenders online, who
offer FHA programs, visit this page: Recommended
Lenders for FHA Loans Online.
Carrie Reeder is the owner of ABC Loan Guide, an
informational website about various types of loans.
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