FHA & VA Lenders
We recommend lenders that provide:
• Up To 4 Competing Offers
• Some of the Lowest Interest Rates Available
• Quick Applications
• No Credit Check
• Safe, Secure Applications
FHA loans are loans that are insured by the federal government. FHA loans are usually sought after by 1st time home buyers that may not have a lot of money to put down on a home. Only a 3% down payment is required for FHA loans. The mortgage’s interest rate is determined by a combination of your credit rating and other qualifying factors.
Qualifying for an FHA loan the mortgage process is similar to most other types of conventional mortgage loans. Some of the main differences are that FHA guidelines for ratios for total housing costs aren’t nearly as stringent as with conventional loans. This factor makes getting approved for a mortgage loan easier for many people.
There are a few issues to remember when dealing with a FHA loan. You cannot own two homes using FHA loans. Meaning you can’t rent out a property which you secured using an FHA loan and then go purchase another home using an FHA loan. Your home must be owner occupied. Another drawback would be that there are limits to the total loan amount. If your home is high priced you may not be able to qualify for an FHA loan.
