FHA loans are perfect for first time home buyers without the down payment

FHA loans are perfect for first time home buyers who don't have a 20% down payment saved or who need assistance with more flexible qualification requirements. FHA-approved lenders offer FHA loans that are insured by the Federal Housing Administration (FHA). Because FHA loans are designed to help first-time home buyers, there are differences compared to traditional loans. One difference is that income and allowable debt are subject to more flexible loan qualification requirements than a traditional loan, making it easier to qualify for this type of loan. Another difference is that there's a maximum loan amount, the limit of which varies depending on where the home is located.

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Tough time finding the money for a down payment?

If accumulating a down payment to buy a home is a challenge that seems insurmountable, then a a FHA loan should be something to consider. Before you decide to purchase a home, ask yourself whether you are confident you will be able to comfortably pay the monthly mortgage payment (not just principal and interest, but taxes and insurance as well). Also consider whether you will be able to budget the money you'll need for unexpected emergencies in addition to your monthly home payment. Would waiting until you can save up for a 20% down payment make better financial sense for you?

Traditional home lending requirements can be stringent, so access to more flexible qualification requirements can be valuable to some home buyers. FHA loan programs can dramatically change your prospects of obtaining a home loan. But keep in mind that, while these programs can help you get into a home, they still depend on you to ensure that the monthly home payment you commit to is one that you can comfortably afford. If you qualify, you'll still want to work through the numbers with your lender to make sure you're prepared for a rewarding, successful long-term home ownership experience.

Mortgage insurance and FHA loans : FHA mortgage insurance protects the lender if a borrower defaults on the FHA loan . Each FHA borrower pays a mortgage insurance premium. The premiums are collected and used by the FHA to reimburse the lender (not the borrower) should the borrower default and the lender must foreclose upon the loan/sustain a loss. This insurance enables a lender to provide loan options and benefits often not available through conventional financing.

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Posted in Financial Services Post Date 06/29/2021


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