Even with a Bad Credit History, Bankruptcy or Foreclosure in the background it is POSSIBLE for you to get a FHA-Insured home loan.
You get lower financial costs: FHA-insured loans have competitive interest rates because the federal government insures the loans for lenders.
You pay less upfront: FHA-insured loans have a low 3.5% downpayment and the money can come from a family member, employer or charitable organization as a gift.
Easier for you to qualify: Because FHA 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 perfect credit to get an FHA-insured mortgage. In fact, even if you have had credit problems, such as a bankruptcy, it's easier for you to qualify for an FHA-insured loan than a conventional loan.
More protection to keep your home: The FHA has been helping people since 1934. Should you encounter hard times after buying your home, the FHA has many options to keep you in your home and avoid foreclosure.
FHA insures loans for lenders against defaults - it does not lend money or set interest rates. For the best interest rate and terms on a mortgage, you should compare mortgages from several different lenders. An FHA-approved lender can help you start the loan application process.
You may use an FHA-insured mortgage to purchase or refinance a new or existing 1- to 4-unit home, a condominium or a manufactured or mobile home (provided it is on a permanent foundation).
To learn more about how to get a FHA-Insured home loans please visit this Website
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