Why an FHA loan is a wise choice
There are many reasons why you should get an FHA loan…here are just a few:
• Easier to Qualify – Because FHA insures your mortgage, lenders are more willing to give loans with lower qualifying requirements so it’s easier for you to qualify.
• Less than Perfect Credit – Even if you have had credit problems, such as bankruptcy, it’s easier for you to qualify for an FHA loan than a conventional loan.
• Low Down payment – FHA has a low down payment requirement ranging from 1.25% to 2.85% with a 3% investment requirement, and that money can come from a family member, employer or charitable organization. Most other loans don’t allow this.
• Costs Less – In most cases FHA loans have competitive interest rates because the loans are insured by the Federal Government. Always compare an FHA loan with other loan types.
• Help You Keep Your Home – The FHA has been around since 1934 and will continue to be here to protect you when the others walk away. Should you encounter hard-times after buying your home, FHA has many options to help keep you in your home and avoid foreclosure.
• Assumable – FHA loans are assumable to qualified owner-occupant borrowers. If interest rates increase your lower rate FHA loan could be more attractive to a potential homebuyer thus providing you a huge marketing advantage over competing homes in your area.
Why not take advantage of the many benefits and protections that only come with FHA. There is more to buying your home than just the monthly house payment. Why not ask for an FHA loan that will help you buy and perhaps sell your house and keep it too? FHA is a wise choice.
For more information on FHA loans call us at 904-722-9770.
