When you are considering buying a home, it is important to know all of your financing options. Because conventional mortgages can have tough standards to meet, not everyone can take that route to finance their home purchase. This is one of the reasons the FHA came into existence back in 1934. The housing market at that time was at a severe low, with only 4 out of every 10 households owning their home. So how did the FHA help buyers then and how can the FHA help buyers now?
Working in conjunction with lenders, the FHA provides insurance on mortgage loans. FHA-insured loans generally have lower down payments, competitive interest rates, and more relaxed qualifications than a conventional loan. In the past 74 years, these FHA-insured loans have given over 34 million Americans the ability to purchase homes that may not have been able to otherwise. The cost of this insurance is calculated as part of buyer’s mortgage and the proceeds from the collection of that insurance premium are what fund this extraordinary program.
If you are finding it difficult to meet the requirements of a conventional mortgage loan, you should definitely consider a FHA-insured loan. You will have to meet both the lender’s and the FHA’s requirements to qualify. To find a lender that provides FHA-insured loans, click here. For more information on the FHA, visit the FHA Website. Whether you are buying or selling in Coconut Creek, I can assist you with all of your real estate needs. Contact me today to find out how I can help you!
To Begin Your Search for the Perfect Home or to Sell Your Home in
the Township of Coconut Creek, Begin Your Journey by Calling
Silva Stoyanova at (954) 673-4402.
Contributed By: Silva Stoyanova, PA
(954) 673-4402 Direct
RE/MAX Complete Colutions
21301 Powerline Rd #106, Boca Raton, FL 33433
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Email: silvas@remax.net
