Finding the Right Loan
Is this possibly the right mortgage loan option?
Our personal loan consultants are here for you.
A Hassle-Free Purchase
One of our mortgage professionals can help you
choose the right loan with the best terms.
FHA Loan
When you are considering home loans, remember to explore Federal Housing Administration (FHA) loans. These loans offer some major advantages to numerous home buyers, and getting one might be a wise strategy for you. Many homeowners in Martinsburg and the surrounding cities, such as Falling Waters and Shepherdstown, can take advantage of the benefits that FHA loans offer.
What is a Federal Housing Administration (FHA) Loan?
An FHA loan is a mortgage, and it is insured by the Federal Housing Administration (FHA). This type of loan may be especially appealing because of the potentially low down payment. However, borrowers should be aware that they are required to pay premiums for mortgage insurance. The insurance serves to protect the lender in case a borrower defaults on the loan.
The FHA program was created due to an overwhelming number of defaults and foreclosures in the 1930s. This program worked to benefit everyone involved. It made home loans affordable and accessible to people who did not have excellent credit.
This, in turn, served to stimulate the housing market, which worked to the advantage of all of the industries that stood to profit from a better housing market, as well as people who were selling their homes.
The program also ensured that mortgage lenders would have adequate insurance. This is due to the fact that the federal government insures these loans for lenders to decrease their risk of loss when borrowers fail to make their mortgage payments.
If you have a credit score of 580 or higher, you may qualify for this sort of mortgage by making a down payment as low as 3.5 percent. If your credit score is between 500 and 579, you may qualify with a 10 percent down payment. Keep in mind that the lower your credit score is, the higher your interest will be.
The Benefits of an FHA Loan
Generally, this loan is one of the easiest to qualify for because the down payment is relatively low, and you do not need to have perfect credit. Those who have bad credit or low credit may still qualify for an FHA loan. Even if you have experienced a foreclosure or bankruptcy, you could still potentially qualify for this sort of loan.
Another major advantage of getting an FHA loan is that if you choose to sell your home later, a buyer may take over your FHA loan.
While these loans are often ideal for people in lower income brackets, there is no income limit attached to them. Thus, you could still be approved for an FHA loan if you are in a higher income bracket, unlike with some of the first-time home buyer programs available.
Apply for an FHA Loan Today
If you believe that an FHA mortgage might work well for you, feel free to speak with a representative of Homespire Mortgage. You can be assigned your own consultant throughout the process, and you will have access to this individual on the weekends, as well as during the week.
We serve the residents of Martinsburg, WV, as well as those in the surrounding area, including Falling Waters, Charles Town, Shepherdstown, and Hedgesville. Call us today to discuss the pros, cons, and requirements associated with securing an FHA loan.
Contact us today with all your home loan and refinancing needs!
FHA Loan
When you are considering home loans, remember to explore Federal Housing Administration (FHA) loans. These loans offer some major advantages to numerous home buyers, and getting one might be a wise strategy for you. Many homeowners in Martinsburg and the surrounding cities, such as Falling Waters and Shepherdstown, can take advantage of the benefits that FHA loans offer.
What is a Federal Housing Administration (FHA) Loan?
An FHA loan is a mortgage, and it is insured by the Federal Housing Administration (FHA). This type of loan may be especially appealing because of the potentially low down payment. However, borrowers should be aware that they are required to pay premiums for mortgage insurance. The insurance serves to protect the lender in case a borrower defaults on the loan.
The FHA program was created due to an overwhelming number of defaults and foreclosures in the 1930s. This program worked to benefit everyone involved. It made home loans affordable and accessible to people who did not have excellent credit.
This, in turn, served to stimulate the housing market, which worked to the advantage of all of the industries that stood to profit from a better housing market, as well as people who were selling their homes.
The program also ensured that mortgage lenders would have adequate insurance. This is due to the fact that the federal government insures these loans for lenders to decrease their risk of loss when borrowers fail to make their mortgage payments.
If you have a credit score of 580 or higher, you may qualify for this sort of mortgage by making a down payment as low as 3.5 percent. If your credit score is between 500 and 579, you may qualify with a 10 percent down payment. Keep in mind that the lower your credit score is, the higher your interest will be.
The Benefits of an FHA Loan
Generally, this loan is one of the easiest to qualify for because the down payment is relatively low, and you do not need to have perfect credit. Those who have bad credit or low credit may still qualify for an FHA loan. Even if you have experienced a foreclosure or bankruptcy, you could still potentially qualify for this sort of loan.
Another major advantage of getting an FHA loan is that if you choose to sell your home later, a buyer may take over your FHA loan.
While these loans are often ideal for people in lower income brackets, there is no income limit attached to them. Thus, you could still be approved for an FHA loan if you are in a higher income bracket, unlike with some of the first-time home buyer programs available.
Apply for an FHA Loan Today
If you believe that an FHA mortgage might work well for you, feel free to speak with a representative of Homespire Mortgage. You can be assigned your own consultant throughout the process, and you will have access to this individual on the weekends, as well as during the week.
We serve the residents of Martinsburg, WV, as well as those in the surrounding area, including Falling Waters, Charles Town, Shepherdstown, and Hedgesville. Call us today to discuss the pros, cons, and requirements associated with securing an FHA loan.
Contact us today with all your home loan and refinancing needs!