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Hurry Home Buyer: FHA Loan Offers Down Payment as Low as 3.5%

FHA stands for Federal Housing Administration. It is one of the most popular home loan facility under the Federal government in Philadelphia and other places in the country. FHA allows a down payment as low as 3.5% which makes it a favorite among first time home buyers. It provides financial assistance and affordable home buying facility to the lenders.

The FHA Philadelphia mortgage loan is insured under the Federal government. Most lender offers low-interest rates as the mortgage insurance guarantee the settlement of payment at the time of foreclosure. Only lenders approved by the FHA can lend money to the home buyers under the FHA mortgage loan program. Lenders offer FHA loans with a relatively low credit score because their lending amount is directly governed by the FHA and they are reimbursed for any unsettled amount during the foreclosure.

Eligibility for FHA mortgage loan

As every home loan follows a list of criteria to qualify for the loan, FHA also holds standard eligibility criteria for home buyers.

· Must be a first time home buyer
· The property you are willing to buy must not be a commercial property
· The limit of ownership of the property is limited to 4 of which the applicant must own at least one unit
· The applicant must be a lawful US resident with a valid social security number
· The applicant must have 2 years of constant job history or constant employment details
· Pay a minimum of 3.5% down payment along with the consent of a family member to gift your money when needed.
· The property must be appraised by the FHA approved appraiser
· The applicant must have a credit score of 580 and above. However, with the lesser credit score, you are still eligible to get an FHA loan with a higher down payment

Pros and cons of FHA loan

Buying a new home is a greater responsibility. Judge your loan options before you settle into one. If you are unable to understand which loan is best for you, contact your Mortgage Broker Philadelphia today. He will be able to guide you to find the best suitable home loan for you that matches your requirements.

Here are a few pros and cons of FHA loan which will help you analyze whether you should opt for FHA home loan over others.

Pros of FHA loan
· Down payment- One of the reasons why FHA is one of the most liked home loans for new home buyers is because of the lowest down payment option. It allows a down payment as low as 3.5% of the total loan amount. This makes it a great option for those with minimal cash to buy a home.

· Flexible credits- Normally an FHA loan requires a credit score of at least 580. In case a young home buyer has less credit score, he can still buy his house. The option is increased down payment. In such a case, the down payment can go up to 5 to 10% of the total loan amount.

· Home renovations- Along with home buying, you can also use an FHA loan for renovation purposes. It allows homebuyers to buy or renovate homes at a much cheaper rate when compared to conventional home loan methods.
Cons of FHA loan

· Greater risk with a low down payment- When a homebuyer is attracted to a low down payment, he might not be ready to take up the huge financial burden of a home loan. Therefore, one must judge that low down payment does not mean the loan repayment will be less. You have to repay the loan with viable monthly installments. In case you cannot pay back the amount, the house will be seized by the FHA to recover their money.

· Insurance payment- With a low down payment as 3.5% comes to the need for insurance. In FHA loans the borrower must pay an upfront fee of 1.7% for the insurance of the loan. The amount can be otherwise adjusted to the loan amount which will, therefore, increase the installments.

· Ongoing insurance- While you opt for an FHA loan, you must pay an ongoing insurance amount each month. This amount will be calculated along with your monthly payment though the amount can be as low as 0.45% still you have to pay the same until your loan ends.

· Property limitation- FHA home loan is meant for first time home buyers with fewer restrictions. The property must be move-in ready, it should be a non-commercial property with a maximum of 4 family occupancy of which the loan applicant must own a unit as his or her primary residence.

If you find an FHA loan to be your choice, then contact your nearest Mortgage Broker Pittsburg PA. They will be able to bring the best FHA approved lender for your interest.
Latitude Financial.
550 State Road, Suite 103
Bensalem, PA 19020
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Tips on How To Qualify for a Home Purchase
Buying your first home is an exciting step in life. While you might feel a sense of exhilaration over the decision, you also need to exercise caution throughout the process. Rushing into the decision can leave you unprepared and reduce the odds of you getting the home of your dreams. One of the biggest obstacles before you is qualifying for the purchase of a specific residence. To increase the chances of qualifying, you need to take a step back and assess a few key factors related to the process. From keeping all of your records straight to setting funds aside for the down payment, there are a few major areas to pay attention to as you plan to buy your first home. Look over these tips and see how to best prepare for this major life decision. Save in Advance  Perhaps the best bit of advice you can receive about buying a home is to start saving as early as you possibly can. A home is an expensive purchase, meaning you likely won’t be able to pay for the investment out of pocket. Most people take out a mortgage in order to cover the gaps in their finances and spread payments out over the period of many years. Naturally, qualifying for a mortgage is a lot easier when you don’t need to borrow the total value of the property. This is why you need to consider the down payment. The more money you have set aside for a down payment, the less you will have to put forward in monthly mortgage payments. Some experts suggest having around 20% of the total value of the home available for a down payment. Still, you will find that putting down even more than this can help you immensely when it comes to qualifying for and paying off the mortgage.  Know What’s Expected  A lender is going to look at a few different factors when it comes to determining your eligibility. For one, your credit score is going to play a huge part in whether or not you are approved. If you have a poor credit rating, then you absolutely want to take whatever steps you can to improve the score before you submit an application for a mortgage. The better your score, the more likely it is you will be approved. What’s more, having a good score helps you receive the best terms and rates on your loan. Beyond your credit score, lenders also will need to see proof of income. In order to ensure you will be able to commit to the responsibility of making consistent monthly payments, lenders want to understand how much money you make on average. Typically, this is easy to provide. In cases where you are your own business owner or are a contractor without traditional pay stubs, you may be required to produce additional paperwork related to your finances.  Compare and Review You may also want to look at more than one option when it comes to lenders. Just as with any other service, you want to shop around and find the right business to help you with your goals. Going to the first bank you see and submitting an application is likely not going to help you find the exact loan for your needs. Instead, read consumer reviews and research the rates offered by each option. The more you know about the lenders in advance, the easier it will be for you to pick an establishment that accurately reflects your needs. Final Thoughts There are a ton of questions and concerns that are going to appear as you move through the process of buying a home. Instead of going it alone, you might find it more advantageous to work with an agent. A realtor can assist you with finding a home and hooking you up with a lender that fits your specific financial situation. Having a professional in your corner has a way of making the whole journey a lot easier. Qualifying for a home purchase can often be an involved process. Review the steps you will need to take in advance and put yourself in the best position to start this next chapter of your life.
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