The odds are often stacked against first time buyers, but FHA home mortgages can level the playing field in some major ways. These state and federal resource programs are designed to provide assistance where it is most needed, so you don’t have to feel like you’re gambling with your future.
Figure Out What You Can Afford. One of the greatest benefits to using FHA resources is figuring out where you stand financially. The real estate market is always changing, and FHA resources provide information based on your income, your current expenses, credit rating, and a host of other factors.
Avoid Predatory Lending. FHA mortgages are government resources. The mortgage lending market is dominated by private lenders and these parties take advantage of potential homeowners all too often. Borrowers who have no experience with securing a loan or may not otherwise qualify for a mortgage are especially vulnerable.
More Selection. Depending on the loan you qualify for, you may be limited in the homes you can afford, meaning there may be fewer options available. But an FHA home mortgage makes it easier to shop for a home. The selection here can extend to fixer-uppers that qualify for repair programs and mobile homes.
For more information on FHA mortgages, call the experts at 803-765-1680 and toll-free at 800-854-9484.