If you are finally thinking about getting a house, you should entertain the possibility of getting an FHA (Federal Housing Administration) loan. The loan is designed for low to moderate-income borrowers. It had its roots during the Great Depression back in 1934. Unlike traditional home loans, FHA loan requires a lesser minimum down payments or lower credit scores.
It is the private lenders (like banks and credit unions) that issue this type of loan. FHA, on the other hand, will provide the necessary backing to complete the process. In the event that you do not repay your loan, the FHA will pay the lender. Before you consider FHA loans, it is important that you know some basics. Here’s a guide to FHA loan basics:
You have to know that FHA loans are not for everyone. Its main appeal is it can make it easy for your family to buy a property. However, you need to remember that the benefits always come with adjustments. Benefits of FHA loans include the following:
Now that you know the benefits, you will wonder if you qualify. As mentioned earlier, the loan is not for everybody. It is important that you know if you qualify or not so you can get on with it. The qualifications of FHA loans include the following:
At the end of the day, it is always prudent to do your research before you decide to take action. Do not forget to reach out to FHA mortgage professional. The advisor will explain everything so you will know which programs are right for your circumstance.
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