Why Ask For An FHA Loan?

Posted on September 20, 2008. Filed under: -- Money Help (in simple terms), -- Real Estate Guide For Today's Market, -- Saving Money And YOU, -- Uncategorized | Tags: , , , , , , |


 

 

 

 

 

By Molly Greaves

With participating and studying in real estate investing, I’ve been spending a lot of time learning about first time home buying, Down Payment Assistance, etc. so I can help others figure out how to become a qualified home-owner while taking advantage of as many financial assistance programs as possible that are available to them.

Here are some important things to know about FHA. Many people are unclear of what FHA means or why someone should get an FHA loan. Please give Hud.gov a visit for more information.

Why Ask For An FHA Loan?

There are lots of reasons to ask your lender for an FHA loan instead of taking a conventional or an expensive and risky sub-prime mortgage loan. Why not take advantage of the many benefits and protections that only come with FHA:

Easier to Qualify – Because FHA insures your mortgage, lenders are more willing to give loans with lower qualifying requirements so its easier for you to qualify.

Less than Perfect Credit – Even if you have had credit problems, such as bankruptcy, its easier for you to qualify for an FHA loan than a conventional loan.

Low Downpayment – We have a low 3% downpayment, and that money can come from a family member, employer or charitable organization. Other loans don’t allow this.

Costs Less – Many times, FHA loans have competitive interest rates because the loans are insured by the Federal Government. Always compare an FHA loan with other loan types.

 

 

 

 

 

 

 

 

 

 

 

 

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