Benefits of Mortgage Loan

When it comes to qualifying for house financing loan, there are many different types of programs available. With the many different mortgage loan programs available, it is important to choose the best program for your particular mortgage needs.

One of the house programs you can choose from is a FHA mortgage. This type of program is designed for 1st time real estate buyers. FHA mortgage loans can be used to purchase a primary residence or refinance an existing mortgage. Below are the many benefits to the FHA program.

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Reduce Down Payment

FHA loans also allow the seller to contribute up to 3% towards buyers ending cost. This is extremely important in assisting a client purchase a new house and reducing the amount of money needed for ending. Sellers can pay ending cost, prepaid items like taxes and property insurance as well as interest on the borrowed funds. For example, if a buyer purchases a house for $200,000, the seller can contribute $6000 towards the buyers ending cost.

Seller Paid Closing Cost

FHA loans also allow the seller to contribute up to 3% towards buyers ending cost. This is extremely important in assisting a client purchase a new house and reducing the amount of money needed for ending.

Lower Mortgage Rates

For many people, FHA house mortgages offer the best rates. FHA loan rates are not tied to credit scores like the way conventional mortgage loan rates.

Mortgage Insurance

Another benefit in the FHA mortgage loan program is the approval of mortgage insurance. FHA mortgage insurance is approved as long as the mortgage is approved.

Mortgage Amount Limits

FHA mortgage loans do have set loan limits that are established by HUD. To determine the borrowed funds limit in your area, contact your mortgage advisor.

Streamline Refinances

Finally, one of the best benefits to a FHA mortgage is the ability to do a streamline refinance. A streamline refinance is when a homeowner refinances an existing FHA mortgage loan into a new FHA mortgage.

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