There are 1 blog entries for February 2013.
Tuesday, February 19th, 2013 at 3:58pm. 3122 Views, 0 Comments.
If you're looking forward to buying your first home, but you're concerned about qualifying for a traditional home loan, you might want to consider applying for an FHA loan. The FHA, or Federal Housing Administration, has been offering mortgage insurance since the 1930s, and offers buyers a means of getting a mortgage that they might not otherwise be eligible for.
For first time buyers, often the greatest hurdle to getting a mortgage is having enough money to cover the down payment. One of the biggest benefits of getting an FHA loan is that the down payment can be as low as 3.5%. This puts home ownership within reach for a lot of buyers, particularly those in their twenties and thirties, who might not have much capital on-hand.