FHA Home Loans Advantages
FHA HOME LOANS are easier to qualify for than traditional loans and require a smaller down payment as well. Closing costs are regulated so that you aren't hit with huge fees. As a part of an FHA loan's eased down payment requirements you may be able to pay as little as 3% down and even use money from charitable donations or family. Because of the easier down payment requirements, FHA home loans are popular for first time home buyers, those with bad credit, or those with little money to put down. It is common for FHA borrowers to finance the maximum 97% of their mortgage. As a part of an FHA loan is also common to paid what is called points. Each point equals 1% of the cost of the home and is paid towards reducing your interest rate. If you are renting, an FHA loan may allow you to become a homeowner sooner than you might otherwise. As a homeowner you have the benefit of tax deductible interest payments on your mortgage as well as equity acquired over time that is otherwise handed to your landlord.
- Lighthouse Financial Group
- 4001 Main St
- Vancouver, WA 98663
- Office: (360) 737-3150
- Toll Free: 1-866-737-3150
- Fax: (360) 737-3347
- Vancouver, WA 98663
