The Benefits of Qualifying for FHA Home Loans
Posted on May 16, 2009 in the Mortgages category
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FHA home loans can be the better option for homebuyers. These types of loans provide homeowners and lenders some kind of a safety net because helps first-time homebuyers obtain home loans which they would not qualify for under the traditional rules because it insures the loan for the lenders, taking the risk away from them in case a homeowner fails to pay for the house
FHA loans have several advantages. They are:
Easy Qualification
Because FHA home loans insure lenders against losses, lenders will be more willing to approve qualified borrowers with loans.
Very Affordable Down Payment and Closing Costs
You only need to pay 3% down payment with these types of loans. Plus, the money can come from a family member, charity, or your employer. In addition to low down payment options FHA allows the seller to pay up to 6% of your closing cost and prepaid items.
Not So Tough Credit Requirements
The FHA home loan program is designed to let more people have the opportunity to own homes. Everyone, even those who had previous bankruptcies, can qualify for mortgages. FHA gives them the chance to buy or refinance their homes because FHA doesnt focus on credit scores.
Affordable Rates
Rates for these types of loans are very competitive. Because there is a lower risk for lenders, the rate provided to homeowners are better than conventional loans.
More Options for Distressed Homeowners
There are several housing assistance programs provided to homeowners who fall behind on payments. They can take advantage of special forbearance, mortgage workouts, and mortgage counseling until they become current with their mortgage again. FHA can even allow the lender to take past due payments and move them to the end of the loan and in some instance will actually pay your past due payments for you.
These Loans are Assumable
If you want to sell your home, you can offer your buyers FHA financing
You dont have to set aside for some other time your dream of owning your house. FHA offers you the chance to qualify for a home loan that has better terms than the average conventional loans. With FHA home loans, every American is guaranteed to have a shot at having a home.
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