For those of you that do not know, an FHA loan is a mortgage insured by the Federal Housing Administration. It has several key components.
LOW DOWN PAYMENT ~ FHA loans usually require just a 3 1/2 percent down payment. This down payment can also be gifted to the borrower, which makes home ownership more obtainable for the first-time home buyer.
CLOSING COSTS ~ Closing costs can be financed as part of your overall mortgage amount which is a huge benefit. This allows buyers to buy without requiring large amounts of cash. Typically up to 6 percent of the sale price can be financed for a buyers closing cost.
EASIER QUALIFYING ~ Those with less-than-perfect credit are more easily approved for a loan through FHA programs because the federal government insures them.
THE WONDERFUL ADVANTAGES OF AN FHA MORTGAGE
VERY FLEXIBLE UNDERWRITING WHICH ENSURES EASY QUALIFICATIONS AND APPROVALS
AFFORDABLE MONTHLY PAYMENTS
LOW FIXED RATES ENSURE YOUR MORTGAGE PAYMENT WILL NEVER INCREASE
High interest rates do not exist with FHA Mortgages. You will not be sold into a risky sub-prime adjustable mortgage with unpredictable rates and payments. Your payment will remain fixed for 30 years at a low interest rate!!
If you would like more information, please call us at 631-226-5995. We look forward to hearing from you!!!!