FHa gives prospective home buyers the ability of becoming homeowners. There are lots of reasons to ask 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:
Qualify is easier – FHa does not provide financing. Their job is to insure your mortgage loan, so a lender is more willing to give you a loan with lower qualifying requirements so its easier for you to buy.
Less than Perfect Credit Ok – Even if you have had credit problems, such as medical collections or bankruptcy, its easier for you to qualify for an FHA loan than a conventional loan. For example. FHA might not require , for you, to pay off medical collections in order to qualify.
Low Downpayment – FHA have a low 3.5% downpayment, and that money can come from a family member, employer or charitable organization. Other loans don’t allow this. A conventional loan requires 5%, 10% etc for down payment.
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.
If you are buying your first home or move-up home, you owe it to yourself to look at FHA.
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