FHA Loan for Homeowners
FIRST STEPS When you begin to seriously consider purchasing a new home it is important that you follow some simple steps to make sure that the process runs smoothly.
The first thing you should do is an analysis of your debt to income ratio. This important step will let you know what type of home you can afford based on your monthly income and expenses.
The next important step in purchasing a new home is to get pre-approved for a home loan. The peace of mind that comes with knowing that your mortgage loan and credit report have been approved will allow you to shop for your new home with confidence. And when you find a home and are ready to make an offer the fact that you have already been pre-approved for your loan amount will give the seller confidence in you as a buyer.
Learn About FHA Loans
Why Refinance to an FHA Loan?
With an FHA loan, you can finance up to very high loan to value of your home. FHA loan even allows homeowners who have had bankruptcy in the past to allow them lower their interest rate and lower monthly payment.
What is an FHA Streamline Refinance Program?
The Federal Housing Administration has provided this program for homeowners since the early 80's. The term “streamline” simply means there are very little documentation and underwriting that needs to be performed by the lender. There is no appraisal report & no income verification required.
Why Purchase with an FHA Loan?
Purchasing a home with FHA Loan has been benefits. One benefit is low-fixed rate. The other benefit is low down payment and in some cases no money out of your pocket. FHA Loan allows you to purchase a home with less than perfect credit history. FHA Loan offers financing for borrowers with no credit scores as well. Also, FHA Loans are assumable which means if the seller of a home has a FHA loan, which is a low, fixed, you could qualify to assume it. The process is very simple since there is no appraisal report required.
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