Fha Home Mortgage Purchase Or Refinance Loan Why You Might Consider
Getting An Fha Loan

Fha Home Mortgage Purchase Or Refinance Loan Why You Might Consider Getting An Fha Loan

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 Gold.
To view our list of​ recommended mortgage lenders online,​ who offer FHA programs,​ visit this page: www.abcloanguide.com/govloans.shtml

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