Whether you’re an enthusiastic first time homebuyer or you’re a senior that’s looking to approach your mortgage in a whole new light – the Federal Housing Administration provides some attractive lending options that work for just about everyone. While many people assume that FHA loans are funded by the Administration, this is not the case. The FHA simply acts as an insurer for the company providing the loan to ensure that they don’t lose their investment. By learning more about the various FHA loan programs available, you can better determine whether or not one is right for you.
First Time Homebuyers
For people purchasing a home for the very first time, an FHA loan can appear quite attractive. These loans are available through multiple lenders and often have more lenient requirements when it comes to gaining approval. You’ll take advantage of fantastic rates that could potentially save you thousands of dollars down the road, and some companies may even be willing to contribute to other financial obligations like your closing costs. It’s a great way to save some money on your first home purchase, and the flexibility really can’t be beat. If you’re getting ready to buy your first home – start researching these attractive loans today.
Seniors Over 62
Many seniors have been living in their homes for many, many years. If you own your home or you have very little left to pay on it, you may benefit from what’s known as a “reverse mortgage”. These mortgages are FHA loan programs that will allow you to get the equity you deserve out of your home. You can use your home as collateral for a loan with a very low interest rate that will save you the hassle and complication of getting a traditional loan. It’s a great way to use the home you own (or are close to owning) to your advantage financially.
So Much More
And the programs don’t end there! There are a number of other FHA loans that include issues like energy efficiency and even the desire to “flip a home”. No matter what scenario you’re in or what you’re looking to accomplish with the home you already own or are looking to own – it can really benefit you to speak with a financial service about FHA loans. Until you find out what they can do for you, you may be missing out on a fantastic financial decision for both you and your family.