.jpg)
FHA loans and homebuyers
FHA loans have been helping people to become homeowners since 1934. How do they do it?
The Federal Housing Administration is a part of HUD. The FHA insures the loan against default with a lender. Since the lender knows that the loan will be repaid they are able to offer approved FHA borrowers with better deals.
The main benefits for borrowers when getting a FHA loan are low down payments, low closing costs, and easy credit terms when qualifying.
For those looking to buy there first home an FHA loan might be just what they need. The down payment can be as low as 3.5% of the purchase price, and most of the closing costs can be included in the loan. Loans are available on 1-4 unit properties.
To find out more about FHA loans for first time homebuyers check out HUD's website here.
Want to know what it takes to buy a place in the Bay Area? Want to know the difference between a short sale and a foreclosure? Want to know what points are?
Please send your questions to america@vgrouprm.com.
Comments