Posts Tagged ‘first time borrowers’

FHA Home Loans

Tuesday, January 27th, 2009

FHA Home Loans: One of the Ways for Home Mortgage Buy and Refinance Loan

If you’re a first time borrowers, it is likely that you have heard of Federal Housing Administration (FHA) home loans. But, most people don’t realize that FHA home loans, can also be does for refinancing as well as for purchasing a house.

Who operates FHA? The Housing and Urban Development (HUD) owns and operates FHA. FHA is a program designed to help borrowers like you who might have difficulty buying a house. If you (the borrower) fall within FHA’s loan requirements, FHA insures the loan for the lender, which makes the loan very low risk for the lender. As a result, you could get a lower interest rate, better terms and an overall better loan. How’s that?

What’s more, FHA loan’s requirements are simpler than private loans. FHA’s requirements are: a down payment of 3-5% and the home must be under the FHA’s set loan limit for the county that you live in, plus a few other small requirements.

If you fall within their requirements, your credit history or income level will not hold you back from getting a home loan. FHA loan’s requirements are much more flexible than other lenders. If you have a high debt to income ratio, or terrible credit, it is likely that you got turned down by lenders.

For you who are unsure about giving that much amount of down payment, consider that FHA loans allow the use of a non-profit organization as a source for the down payment, eg.: Neighborhood Gold down payment help program.

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