During times when the market for real estate is depressed, FHA loans remain stable. The stability of such loans make them an important part of helping people realize their dream of owning their own home, even when times are hard.
Is such a loan right for you? That depends on your income. People with a steady income, even a low one, but are unable to put together a large down payment find these loans to be a welcome relief. There are no income restrictions with FHA loans, though people with higher credit ratings might prefer a conventional loan.
Better loan requirements today through HUD make these loans easy to refinance. When interest rates drop, it is relatively painless to refinance for a smaller rate. Changes made in requirements also allow people with credit ratings under a 620 score to sometimes still qualify for a loan. The rates are low for all applicants and remain lower than conventional home loans. This makes the loans perfect for those with limited credit history or low income families.
While these FHA home mortgages can be an important stimulus to the economy, many people do not know how the loans can help them. Sometimes dealing with the government scares away potential home buyers. If you are worried about this, you don't need to go through the complex loan process alone. Midland Mortgage Corp. has years of experience helping buyers navigate the FHA loan process.
For more information on how you can be guided through the FHA loan process call 803.765.1680 and toll –free 800.854.9484.