![]() |
![]() |
![]() |
![]() |
![]() |
|||||||||||||||||||||||
![]() |
![]() |
![]() |
|||||||||||||||||||||||||
![]() |
![]() |
![]() |
|||||||||||||||||||||||||
|
FHA Home Financing | ![]() |
|||||||||||||||||||||||||
We can help you shop preferred government lenders for premium FHA home financing loans to qualified borrowers. Only HUD approved lenders can offer FHA financing to new home buyers and existing homeowners. Meet with approved FHA Mortgage lenders that provide reduced rate purchase mortgage and refinance loans with FHA home financing incentives like fixed interest rates and no penalties for refinancing or early pay-off. Now you can shop FHA financing options for home purchase and residential refinancing. We suggest that you look at all your home mortgage loan options before buying a home to make sure that you are getting the best loan for your situation. SMO has introduced cost effective "FHA home loans" that meet the needs and budget for most first time homebuyers.
Borrowers can now finance home loans up to $729,750 with FHA financing in high cost areas across the nation. Higher loan amounts should enable thousands of borrowers to refinance 1st and 2nd mortgages together for more savings and better terms with FHA home loans.
No Money Down? FHA Home Loan Changes by R. Connor Mortgage products were developed by the Federal Housing Administration to support borrowers who may be having a difficult time finding a conventional mortgage lender that offers a home loan that they can qualify for. Many private lending companies offer mortgage rates and amortization schedules, however the government does not. FHA financing plays the role of insuring the specified mortgages to reduce the risk to the lending company. Since FHA protects mortgage bankers and lenders against payment defaults resulting in foreclosures, the mortgage companies in most cases are willing to extend credit with home loans featuring more relaxed guidelines. The FHA no longer offers no money down loans but some states still permit down-payment assistance. Did you know that deposits and down-payment requirements on FHA mortgages are only 3.5% of the home purchase price? The money can be a gift from an employer, family member or a charitable organization. The FHA home loan debt to income ratio allows for 31 percent of income toward housing costs. If you are planning on buying a house that needs repair, FHA also has a program that allows the borrower to finance up to an additional $35,000 for improvements before moving in to the residence.
The down payment rules for FHA home mortgages are changing. 100% home mortgage loans may be available this fall when the FHA releases the expanded guideline programs. Many of the borrowers who qualify for the FHA programs may be required to come up with cash up-front at closing and some will roll the loan costs into their monthly loan payments, but this new FHA program will allow more renters to raise the extra money needed to be able to afford their first home. FHA loans also give consumers the option of refinancing existing mortgages. With the new 85 percent cash-out loan limit, refinancing with FHA has gotten more attractive. Henry Savage president PMC Mortgage notes, "With the 85% cash-out loan limit, I predict a substantial increase in FHA refinance activity in 2010." Unlike conventional loans, lenders do not increase the rate or charge extra fees for an FHA cash-out refinance options from 85%. The 30-year fixed rate is also very desirable compared to adjustable home equity lines of credit. You should look at all your options before choosing FHA financing when purchasing a home or refinancing with a competent loan officer. However, you might find that is the perfect option for your lending needs. Becky is a published writer who has posted many home mortgage articles online. She recommends the following home loan resources: FHA Home Mortgage Loans and 100% Home Mortgage Financing. Article Source: >> Read more articles by R. O'Connor ARM Rate Refinance Mortgage. Read the updated guidelines offering flexible LTV criteria with FHA mortgage loans that encourage refinancing up to 97%.
|
|||||||||||||||||||||||||||
|