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All About FHA Loans


What is an FHA Loans?

An FHA loan is a loan that helps first-time homebuyers, and those with bad credit to be able to afford a home. It is a loan that offers many perks, and many benefits that other loans do not. With so many types of loans available, you want the one that is best suited for you and your financial situation. FHA loans offer such a wide range of benefits, that most people would find something they could benefit from with their situation, by going FHA.

FHA loans for first time homebuyers:

If you are a first time homebuyer, you may wonder how you will qualify for a loan. FHA home loans are geared for first time homebuyers. Maybe you haven’t developed enough credit or don’t have a lot of money saved for a big down-payment. If you don’t have a lot of money set aside for a down-payment on a home, an FHA loan only requires a 3.5% down-payment. This helps many people who have not had a chance to set aside enough money for a down payment. In the same respect, first time homebuyers can also get a lower interest rate with an FHA loan. This comes with "interest rate protection.” This means, if interest rates drop, the home owner can streamline a "refinance loan” quickly and cost efficiently to get the best interest rate. One thing a lot of First time homebuyers not only may not have a lot of money to put down on their first home, but more than likely don’t have a lot of money for exorbitant closing costs. With an FHA loan, you will have lower closing costs, making purchasing your first home more affordable.

Why choose an FHA loans?

First time homebuyers face many obstacles, and an FHA loan helps them achieve their dream of owning a home in so many ways. Whether you are purchasing a single or multi-family home, FHA can help you solidify the deal. As with any loan, FHA loans come with guidelines, but you will always be made aware of the terms and conditions with everything having to do with your loan, so that you fully understand. One thing you should take into consideration when pursuing an FHA loans, is that you should always be sure to work with an FHA qualified lender. He will be able to guide you and explain the ins and outs of an FHA loans so that you are completely informed. You will also want to be sure you have a pre-approval letter so that you can get your loan locked-in as quickly, and in as short of a turnaround time as possible. If you want another reason to consider an FHA loan; the FHA gives mortgage protection insurance to all loans that are approved by FHA. Many people like to get their mortgage paid off in as little time as possible, but many types of loans will charge a high penalty fee for paying the loans off early. When you get an FHA loan, you are never penalized for an early loan pay-off.



  



Joe Canestraro NMLS # 219951,OH #LO.001509.000; FL #LO24523, Branch Phone 330 865 9600 Ph. Ext. 1
Home Loans and Refinancing for the States of Ohio and Florida.
The Money Connection, a DBA of Polaris Home Funding Corp. NMLS #38072, Phone (616) 667-9000.
THE MONEY CONNECTION. Member Since 2003 | THE MONEY CONNECTION