Mortgage and Refinancing Information Channel:

We would like to thank the local libraries, schools, and universities for recommending students to visit us when doing research on any of our information topics.
 Please check back frequently as new topics are added and current topics are updated daily.

FHA Home Mortgage Purchase or Refinance Loan - Why You Might Consider Getting an FHA Loan

Most borrowers have heard of FHA home loans. They are very common. You hear about them mostly as loans for first time borrowers, which is common. However, most people don't realize that FHA loans can also be does for refinancing. They are not only for purchasing a house.

HUD owns and operates FHA, which is a program designed to help borrowers who might have difficulty buying a house. If the borrower falls within FHA's requirements FHA insures the loan for the lender, which makes the loan very low risk for the lender, which is very good for the borrower. It could mean a lower interest rate, better terms and just an overall better loan.

FHA's requirements are; a down payment of 3-5%, the home must be under the FHA's set loan limit for the county that the borrower lives in and a few other small requirements.

The main advantage to an FHA loan, is if you can fall within their requirements, your credit history or income level, will not hold you back from getting a home loan. If you are getting turned down from other lenders because of a high debt to income ratio or because your credit is bad. You may want to consider applying for an FHA loan, where those requirements are either non-existant or much more flexible.

If the idea of down payment is holding you back, consider also, that FHA loans allow the use of a non-profit organization as a source for the down payment, which opens up the option of using down payment assistance programs like Neighborhood Gold.

To view our list of recommended mortgage lenders online, who offer FHA programs, visit this page: Recommended Lenders for FHA Loans Online.

Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans.

MORE RESOURCES

used office furnishings-supplies-equipment-desks-cubicles-service-counters for sale in Akron Ohio   Die cast model cars for sale in Akron Ohio  
used cars for sale in Akron Ohio   unfurnished homes for rent in Akron Ohio

RELATED MORTGAGE AND REFINANCING ARTICLES: What is a Mortgage? A mortgage is a loan, usually from a bank, finance company or building society to help you buy your home. A mortgage is a loan, from a bank or building society that is secured against your house or flat. How to Save Money by Using an Independent Commercial Mortgage Broker Being a creature of habit can cost you plenty when it comes to applying for a commercial mortgage instead of going through an independent commercial mortgage broker. Let me tell you why. Financing the Purchase of Foreclosed Homes Homes that have been foreclosed can be one of the most economical ways to get into a nice home without having to pay exorbitant costs. It's also a great way to get in on the real estate investment game as a beginner. Secrets Your Banker Wont Tell You - Which Loan is Best for You? Recently I was driving in my Car and I heard an Ad for a Mortgage lender who claimed they would help you find the Best Loan out of over 400 Different Loan Types. 400 Different Loan Types now that has to be confusing. Internet & Mortgage Calculations "You've been approved!" The words you have always wanted to hear when you filled out the home loan application. It swirls through your mind the opportunities and memories you will cherish in your new home. Home Loans For People With Bad Credit - Tips To Getting Approved Online Buying a home with bad credit doesn't have to stop you from finding an affordable lender. By shopping online for a lender you can find the best lending rates for your situation. Home Equity Lines of Credit Vs. Other Conventional Loans When it comes to getting money, you have two basic options. If you are a homeowner you can choose to take out a home equity line or credit (HELOC), or you can take out a conventional loan. Finding the Best Mortgage Lender Online Finding the best mortgage lender online is simply a matter of doing some smart shopping. Begin by gathering your financial information, and then request quotes from several lenders. Bad Credit? First Time Buyer? You Can Still Get Approved For A Home Mortgage Loan Do you have bad credit that you worry will stop you from being able to apply for a home mortgage loan? Have you given up on the dream of being a home owner? Well don't. Take comfort in the fact that there are special home mortgage loans that you can apply for, that will make sure your dreams of becoming a home owner are fulfilled! Home Loans Are Flexible - The first thing you need to keep-in-mind is that home loan mortgages are very flexible - they can be adjusted to meet the needs of any borrower. Think You Cant Get a Mortgage? You've finally found that dream home that you have always been searching for, but you are afraid to apply for a mortgage because you have bad credit or less than perfect credit. Before you give up entirely, there are many mortgage programs that are geared towards people just like you. Reverse Mortgage Maximization Have your home's appreciation grow twice as fast. For Seniors over the age of 62 a Reverse Mortgage is a tool that, while new to many, is increasingly being used to maximize their retirement income. First-time House Buyers: to Buy or Not to Buy; that is the Question Buying your first house is always a difficult time. There are so many important decisions to make, and problems to be solved, which combine to make it one of the most stressful events that will occur in most people's lives. Bad Credit Mortgage Lender - What to Look For If you have less than perfect credit and are looking to get approved for a mortgage loan, be careful not to make some common, costly mistakes. When dealing with sub-prime mortgage lenders or bad credit mortgage lenders, many people are taken advantage of because of their eagerness to get approved. 5 Steps to Getting on Top of your Mortgage Getting on top of your mortgage so you can pay your loan off faster and potentially save thousands of dollars on your home loan is possible with a plan and consistent effort. There are mortgage reduction strategies that you can put into place that will ensure that your loan is paid off more quickly without putting a huge strain on your current budget. Do You REALLY Need a Home Equity Loan? Your equity is the amount your home is worth, on the market, minus the amount you owe to your mortgage broker. For example, if your property is worth $200,000 and the balance you owe your mortgage broker is $100,000, then your home equity - the part of your property that you own free and clear - is $100,000. How To Save Thousands in Interest on Your Home Mortgage! So you have a mortgage on your home or planning to get one? Here's something to consider if you want to reduce your interest payment and save on thousands of dollars. Consider going in for a bi-weekly mortgage payment plan. Home Mortgages: Does It Ever Make Sense to Pay Points? Interest rates on home mortgages are often quoted with and without points. A point equals one percent of the amount you are financing. Comparing The True Cost Of Obtaining A Home Loan Home buyers are often confused about where to begin in their search for a home loan. The process is usually narrowed down to finding which institutions provide the lowest settlement costs, but the different types of lending institutions and the variety of lending programs available can make the search a slow, difficult experience. Home Loans: What You Should Know! Finding home loans can be a daunting task, whether you're a first time home buyer or an existing homeowner. The good news is that there are more options than ever to help you find the loan that's right for you. Jumbo Home Mortgage Loans - What They Are and Where To Get Jumbo Loan Financing A jumbo mortgage is different than a conforming loan. A jumbo loan amount exceeds that limit set by FNMA.

HOME | SITE MAP © 2012 - 2023 All Rights Reserved Increase pagerank with HitsSurfer