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More Information on FHA Loans
FHA home loans are a great option for borrowers with less than perfect credit, who are seeking a small or no down payment loan, and cannot qualify at this time for a VA loan. Just because you are not a qualifying Veteran or Active Duty servicemember, that does not mean there isn't a government-backed loan solution waiting for you. Utilize your options using a FHA home loan, and achieve your dream house.
In addition to the benefits shown here, FHA mortgage loans also afford borrowers these features:
- The FHA modernization policies currently going into effect helps pre-existing homeowners refinance their current loans up to 125% of the value of the home. This allows borrowers to include closing costs and fees in their loans and they maintain the option to refinance down to an affordable interest rate.
- This act also helps homeowners in areas where their home value has dropped and they may owe more on their home than it is currently worth. For homeowners who live in an area of economic decline where the value of homes have been decreasing, previously refinancing may not have been an option because lenders want to see some equity or value in the home before they will refinance to a lower interest rate. However, with the new act the FHA is allowed to qualify homeowners for up to 125% of the value of their home which means they are now more likely to qualify for a refinance, even if the value of their homes have decreased.
- If you are a homeowner or plan to purchase a home you should contact an FHA approved lender. The FHA's new guidelines can help existing homeowners refinance into a lower interest rate loan with better terms, and they can help new home buyers get an affordable loan for whatever area they are looking to buy a home.
Discovering the Benefits of FHA Financing
Read on about the benefits of FHA mortgages by visiting FHA Mortgage Center.com. The HUD's website is also a fantastic resource for learning about the ins and outs of the program.
