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Christmas Loans - for a New Year Without Debts
For many people, a lavishly spent Christmas is sure-shot sign of the New Year being tumultuous; at least until the debts have been fully repaid. A study undertaken after the Christmas of 2004 showed that one out of every five people would continue...
Home Loans and Mortgages – The Selection Can Be Bewildering
For years, when someone wanted to purchase or refinance a home, the choices were simple. The buyer chose either a 15-year fixed-rate mortgage or a 30 year fixed-rate mortgage. That was it. Of course, those were also the days of twenty percent down...
New Car Loans - How You Buy A New Or Used Car With Poor Credit
Consumers buy a new or used car with poor credit everyday. By using an outside lender, you can be assured you are getting the lowest rates on your car loan and put yourself in a better position to leverage for rebates and extras.
Shopping For Car...
Secured loans for homeowners: because home provides more than living space
Secured loans for homeowners are also called mortgages. They are loans that are backed by a collateral. A Secured loan for Home Owners is offered against the guarantee of your home or any concrete property. It enables you to get loans according to...
The other side of Debt Consolidation Loans
"Consolidate all your debts with a low-cost Debt Consolidation
Loan". Recently, you will see this type of advertisement in all
forms of media. It sounds alluring to consumers who are in debt.
Most of the borrowers keep on pondering about the...
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Fha Mortgage Loans - The Benefits Of An FHA Mortgage
The Federal Housing Administration (FHA) insures mortgages to
allow low to moderate income families to purchase their own
home. With government backing, families can buy a home at a
lower initial cost. However, there are limitations with this
program.
Mortgage Insurance - Section 203(b)
The FHA provides mortgage insurance, not mortgage loans to
families. However, this program can reduce the cost of a home
loan by thousands of dollars. The program also encourages
lenders to finance mortgages for people who might just miss the
underwriting requirements. For example, FHA loans require a
smaller down payment.
With FHA's Section 203(b) program, a homebuyer can purchase a
new or used one to four family home. However, the buyer has to
live in the home.
FHA Benefits
A FHA mortgage allows some borrowers to qualify for the lower
interest rates of a conventional loan, rather than using a
higher rate sub-prime mortgage. This can save thousands in
interest charges.
Required down payments are also smaller. Instead of the typical
10% down, a buyer can put down as little as 3%. The closing
costs can also be financed with the mortgage, lowering the
initial costs of purchasing a home.
The FHA also limits fees that can be charged to the borrower.
For example, the loan origination fee
cannot surpass 1% of the
mortgage amount.
Drawbacks
FHA loans do have their drawbacks and are not for everyone. For
instance, the FHA sets loan limits to ensure the program serves
low to moderate income families. You may find with these loan
caps that you will need to apply for a conventional or jumbo
loan to purchase your home.
You also have to use the house as your primary residence. If you
are looking to invest in property or buy a vacation home, then
you will need to look at other financing sources.
Applying For FHA Mortgage
FHA insured mortgages are provided through approved financial
institution. Fortunately, many of today's lenders are approved.
Just like with any type of loan, you should compare rates of
different lending companies. An FHA approved institution doesn't
necessarily mean they offer the lowest rates.
You can easily find rates and terms online by searching
individual sites or using a mortgage broker site. By collecting
quotes, you can research rates without hurting your credit
score.
About the author:
See our
Recommended FHA Lenders Online. Carrie Reeder is the owner
of ABC Loan Guide, an
informational website about various types of loans.
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