FHA Loans And Benefits

FHA Loans And Benefits

Financing a new house or refinancing your current mortgage can be a daunting, exciting, and scary task. With subprime loans almost nonexistent, and no longer being offered, the FHA has created a new group of homebuyers who are looking to purchase a home, with competitive interest rates. Finding a lender who supplies great guidance and extremely low interest rates for mortgage loans that meet your needs can be a difficult process. Deliberating between mortgage lenders, and mortgage brokers, can cause a lot of internal grief. You don’t know whose being honest, and how can give the best deal. While you can resort to going online, and getting a quick rate quote – you never truly know if you’re going to get a deal or not. The best thing you can, and should do, is contact an FHA mortgage lender.

FHA mortgages require mortgage insurance of 1.5% of the loan amount. The good thing is, it’s tax deductible, and you only need a 3% down payment in order to purchase. In addition, FHA home loans have flexible credit requirements, so even if you’ve got a bankruptcy, or have made a lot of late payments, the FHA may still accept you as a borrower. Another great thing about FHA loans is that they don’t have prepayment charges, and don’t charge high penalties if you want to refinance, or decide to pay back the loan early.

 

 

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