Examine out these massive residence images:
Construction at Michigan Stadium (the Large Home) – University of Michigan’s Football Stadium
Image by cseeman
Massive rennovations at the Huge Home – Michigan Stadium – at the University of Michigan’s Ann Arbor Campus.
If you would like to see much more houses click right here…
Construction at Michigan Stadium (the Huge House) – University of Michigan’s Football Stadium
Image by cseeman
Massive rennovations at the Massive Home – Michigan Stadium – at the University of Michigan’s Ann Arbor Campus.
If you would like to see far more homes click right here…
Construction at Michigan Stadium (the Big House) – University of Michigan’s Football Stadium
Image by cseeman
Massive rennovations at the Massive Home – Michigan Stadium – at the University of Michigan’s Ann Arbor Campus.
For a lot more houses click here…
Question by pureofheart: I’ve heard that FHA home loans are good for first time home buyers. Is this true and what are they?
We are looking to buy our first home this year and we are trying to learn about the different types of financing options available out there.
Best answer:
Answer by lepr0kan
FHA loans are good because they only require a small downpayment, more about 3% and are available to people who may not otherwise qualify for a conventional loan, say for instance due to credit history. However, if you have excellent credit and a downpayment it can sometimes still be better to go with a conventional loan.
Know better? Leave your own answer in the comments!
Lower down payments and easy qualification guidelines. They are also guaranteed by the govt
Yes, FHA loans are excellent for first-time home buyers because it’s easier to qualify.
Loans backed by the government allow for a lower credit score, and lower income. Generally, a convential conforming loan has been until recently a cheaper loan, but the FHA alternative is actually nearly the same right now.
Definately ask your mortgage professional about an FHA loan.
If your credit is less than perfect, FHA might be the loan for you. You may qualify for an FHA loan even though you have had financial problems.
Now, FHA does not make loans or guarantee loans. It insures loans. The insurance removes or minimizes the default risk lenders face when buyers put down less than 20 percent. Without further approval from FHA, its approved lenders are authorized to:
Take loan applications, Process loan applications, Underwrite and close the loan.
There is little or no adjustment to the interest rate for an FHA loan, as the rates vary within .125 percent of a conventional loan.
Mortgage insurance is funded into the loan, meaning a premium of 1.5% is added to the loan balance instead of being paid out-of-pocket. In addition, a small portion for the mortgage insurance premium is added to the monthly payment, but it is far less than private mortgage insurance premiums.
Borrowers can finance 97% of the purchase price and put down 3 percent. In some instances, when combined with other types of loans, the down payment can be zero.
Allowable debt ratios are higher than the debt-ratio limits imposed for conventional loans.
FHA loans are available to anybody but are used most often by first-time home buyers and low- to moderate-income buyers.
Yes, they are a good option, but don’t limit yourself to just that one. Ask your realtor or a banker what other options you have available to you. For example, in Kansas we have a “rural farm & development loan” or something like that which aside from the large cities (i.e. Topeka, Wichita, KC) any town qualifies for and there’s no PMI with it….check all of your options, weigh them, and make an informed decision.
Also, FHA loans are loans that some sellers won’t work with. Because the guidelines specify that the house can’t have peeling paint or whatever, if a seller isn’t willing to fix those things (because you aren’t allowed to do them), then you could miss out on your dream house just because one window could use a fresh coat of paint.
What state are you in? Don’t forget about state sponsored programs also. Some states have really cheap bond money for first timers. Bottom line, get in touch with a knowledgable mtg broker and find out your options, and your qualifications. Good luck!