FHA Mortgage loans have a TON of great things going for them, and if you qualifiy for one, it’s often a better program than a Conventional Loan.
- Easier to Qualify: Because FHA insures your mortgage, lenders may be more willing to give you loan terms that make it easier for you to qualify (i.e. lower rates, longer repayment terms, lower down payments, etc…)
- Less than Perfect Credit: You don’t have to have a perfect credit score to get an FHA mortgage. In fact, even if you have had credit problems, such as a bankruptcy, it’s easier for you to qualify for an FHA loan than a conventional loan.
- Low Down Payment: FHA loans have a low 3% down payment. Best of all, the down payment for your new FHA loan can come from a family member, employer or charitable organization as a gift. Other conventional loan programs don’t allow gift money to be used as a down payment.
- Costs Less: FHA loans have competitive interest rates because the Federal Government insures the loans. It’s always best to compare an FHA loan with other loan types. For many buyers, and FHA loan is their gateway to the American Dream of homeownership.
- Helps You Keep Your Home: The FHA was formed in 1934 and is a division of the US Government. You can rest assured that FHA and HUD will be around for many years to come and will continue to work to protect you, the homeowner. Should you encounter hard times after buying your home, FHA has many options to help you keep you in your home and avoid foreclosure. FHA refinance and FHA streamline refinance products are available if needed in the future.
- If you are refinancing from a Conventional loan (with a first and second) FHA will often allow you the MOST flexability!
If you are considering a purchase or Refinance in NC, please call Steve and Eleanor Thorne, 919-649-5058 for more information. We have the LOWEST FHA RATES available!