When Your Dream Home is Just a few Steps Away!!

Are you looking to buy your first home? Or do you want to move in to a new one that is more spacious and in a better location? Then you are not alone. Millions of people in the U.S. are constantly searching to find a cozy corner called ‘Home’.

Getting financing for the dream purchase

When the housing market and the economy are struggling to get back on the growth path and stricter regulations have tied banks and other financial institutes from giving away easy loan, the going is tough for homebuyers.

Whether you wish to buy a new property or looking to refinance your mortgage at low interest rates, you need a trusted lender that can provide guidance and support in every step to qualify for a loan. Hiring a lender is considered as the best solution when cash reserves are low, and monthly incomes are moderate.

Getting a Loan that is flexible

You may not be sure to qualify for the conventional mortgage as criteria are stricter, and rejection rates are higher.

In such a scenario, an FHA home mortgage can provide you with the best solution! This loan program is run by the Federal Housing Administration (FHA), and it has specifically been designed for homebuyers who have difficulties in getting conventional financing. 

There are various factors that determine whether an applicant is eligible to receive a loan such as savings in a bank, credit score, and income to debt ratio. In normal circumstances, banks and lending institutes reject applications on the basis of these factors. However, the FHA is much flexible to provide loans to potential home buyers even when they don’t fulfill all the parameters.

How an FHA loan is just right for you

An FHA loan can be beneficial to all kinds of people such as first-time home buyers, families with low income, families of armed forces or homeowners who don’t want to spend a lot to refinance their existing mortgage through conventional loans.

FHA program offers the following benefits:

• This loan program allows down payment as low as   3.5%
•  People with low credit scores are eligible to get this loan. Also, there is no minimum credit score requirement.
• There are no specific income limits to get an FHA loan, which is commonly seen in other programs.
•  Home buyers need not pay any prepayment penalties for paying off their loan early.
•  Borrowers can use their gifts such as borrowed money from friends and families for making down payments or to pay closing costs.

Besides the benefits mentioned above, another key aspect of FHA loan is that, in case of defaulting payments, Federal Housing Administration covers borrowers by providing insurance on the loan.

Borrowers can do their homework to find the lending firm that fulfills their financial requirements. Some of these lenders even provide the facility of applying online for quick consulting and processing. So, potential home buyers can click their way to receiving a loan faster!