Thomas Martin Staff asked 5 years ago
FHA Mortgage Lenders insured mortgages offer many benefits and protections that only come with FHA :
- Lower Down Payment: FHA Mortgage Lenders loans have a low 3.5% downpayment and that money can come from a family member, employer or charitable organization as a gift. Other loan programs don’t allow this.
- Costs Less: FHA Mortgage Lenders loans have competitive interest rates because the Federal government insures the loans. Always compare an FHA Mortgage Lenders loan with other loan types.
- Lower Credit Requirments: Because FHA Mortgage Lenders insures your mortgage, lenders may be more willing to give you loan terms that make it easier for you to qualify.
- Less than Perfect Credit: You don’t have to have a perfect credit score to get an FHA Mortgage Lenders mortgage. In fact, even if you have had credit problems, such as a bankruptcy, it’s easier for you to qualify for an FHA Mortgage Lenders loan than a conventional loan.FHA Mortgage Lenders Help You Keep Your Home: The FHA Mortgage Lenders have been around since 1934 and will continue to be here to protect homeowners. Should you encounter hard times after qualifying for an FHA mortgage, FHA Mortgage Lenders have many options to help keep you in your home and avoid foreclosure.the FHA does not provide direct financing nor does it set the interest rates on the mortgages it insures. For the best interest rate and terms on a mortgage, you should apply with FHA mortgage lenders. In order to initiate the loan application process, please contact an FHA Mortgage Lender to get approved.An FHA Mortgage Lenders insured mortgage may be used to purchase or refinance a new or existing 1-4 family home, a condominium unit or a manufactured housing unit (provided the manufactured housing unit is on a permanent foundation.)
HUD’s internet site can provide additional information on FHA Mortgage Lenders mortgages by going to: https://www.hud.gov/topics/buying_a_home
You can also find an FHA Mortgage Lenders approved lender in your area by going to: https://www.hud.gov/program_offices/housing/sfh/lender/lenderlist
You may also wish to contact a HUD-approved housing counseling agency in your area for unbiased counseling on your particular situation.
You can find a list of these agencies at: https://apps.hud.gov/offices/hsg/sfh/hcc/hcs.cfmThere are also many local and State government programs available that use HUD and/or non-HUD funds to provide grants for the downpayment or to help pay closing costs.
To find out what programs are available in your area visit: https://www.hud.gov/buying/localbuying
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