Facts & Myths About FHA

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FHA Loans.
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Federal Housing Administration loan (FHA
Loan) is a type of mortgage loan. FHA loans are
popular with first-time home buyers. It is very
difficult for first-time home buyers qualify for
a mortgage. FHA loans are easier to get. FHA
loans have become more affordable in 2015, thanks
to a drop in the annual mortgage insurance
premium that the Federal Housing Administration
charges.
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Here are a few facts youll need to understand
about FHA loans.
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1. Low Down payment.
FHA-endorsed lenders will offer FHA loans
with as little as 3.5 down. Even though you will
have to pay the FHA to cover your loan, but the
general costs remain much lower. Also you can
acquire the money for your down payment as a loan
or a gift from a family member, employer or
charity. General lenders wont allow that.
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2. Low Interest Rates.
FHA-pledged loans usually have lower
interest rates. As the FHA doesnt actually
settle on the interest rates of the loans it
assists, the rate you pay for an FHA home loan
will be negotiated with an FHA-approved lender.
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3. Easily Qualify.
Lenders who employ with the FHA are ready to
give you a chance because the government is
backing your FHA home loan. That gives first-time
homebuyers a real chance. Residents of destitute
neighborhoods can find obtaining an FHA loan.
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4. Help you prevent foreclosure.
If you failed in making payment on an
existing mortgage, FHA may be able to help you
reduce your loan payments and avoid
foreclosure.
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5. FHA loans assist disaster victims.
The FHA Mortgage for Disaster Victims
Program offers complete financing through
approved lenders for the purchase or renovation
of a home severely damaged or destroyed due to a
disaster.
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6. Home repairs and upgrades are assisted by FHA.
If you have a tad of a fixer-upper with
you, an FHA home loan is what you need. To start,
the Energy Efficient Mortgage program can help
you lower your utility bills by financing the
cost of adding energy efficient improvements to
your home.
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7. Lower closing cost.
There are a lot of fees due at closing.
Appraisal fees, inspection, credit report and
broker fees and commissions, origination charges,
etc. FHA doesnt decide fees, the closing costs
for an FHA home loan are generally lower than
with a conventional mortgage.
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TriMark Financial Solutions, is an
establishment of Darell Rigley, who has been a
successful entrepreneur for more than 20 years.
Through TriMark Financial Solutions, Darrell
Rigley provides a full range of forensic
securitization audits and attorney negotiation
services to help the homeowners save his home.
http//www.darrellrigley.com