FHA is the Smart Choice for Borrowers
FHA loans are no longer geared toward first time buyers only; they are really great for anyone who needs financing, whether it’s a new home loan or a refinance. Due to the massive economic crisis, the government has opted to make FHA loans the preferred choice for lending.
With the FHA financing, the consumer doesn’t fall prey to trouble banks and their restrictions. While rates are at a historical low, consumers need to consider buying or getting a new loan if they can. If you have good credit or you need a low down payment, then FHA financing is right for you. Handling your finances is a big commitment and requires a professional. My commitment to you is to get you into the best loan that fits your current financial picture.
With FHA financing, you can either buy a home, refinance for a lower payment, or you can even get cash out to pay bills or do home repairs. Any loan that you currently have can be refinances as an FHA loan. FHA financing allows the homeowner to go up to 97.75% of the home’s value, so long as they are not walking away with money at close.
When trying to determine what current obligations you have, be sure to include any existing mortgages on the home, so this mean you’re first and second. In addition, consider any other debts you have outside of that. If you have a line of credit that was used for any other purposes other than repairs or appraisals, then this loan won’t be eligible to pay off.
Keep in mind that when you are looking at your payoff amount, the actual pay off is going to include any unpaid interest until the end of the month, and it will also include any early payment penalties. If you aren’t sure what that is and you just want to ask, be sure to call the servicer of your current mortgage and they would be glad to help you.
If you are looking to get cash out loan, then you can take up to 85% of your home’s value. That will allow you to even borrow on a property that you have owned for a year provided you don’t go over that 85%. Just keep these factors in mind so that you have a realistic expectation of what is going to happen during the process and what you will walk away with at closing.
We will work on this together, and we will make sure all areas are covered as far as your goals and what you need to take away from this loan. My goal is to clarify everything during the process so there are no false hopes and no misunderstandings. For more information on the FHA loans and options that are available, visit www.fhaloansnow.net.