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Talking about mortgages and loan programs can be downright overwhelming. How can you tell which one is right for you? We’re here to help. Take a look at some information that might be helpful.
The Federal Housing Administration backs an FHA loan, so there’s a lower risk for both borrowers and lenders. Because of this, they’re easier to qualify for than other loans. They’re a good option if you have a low credit score or a small down payment. With an FHA loan, the lender can even pay for part of your closing costs, and an added bonus is that you can secure additional money for upgrades, renovations, and repairs.
One of the mortgage consultants at Midland Mortgage Corporation can help you navigate the qualification process. It’s important to know your income, debts, and other financial information to help you determine what you can afford. Loan qualification starts with pre-approval, where we will look at your earnings, debt, and credit score. This will help your mortgage company determine what you’re eligible for and what amount you can manage to pay off.
There are a variety of loan programs available for most borrowers and house hunters. They include:
Loan information, particularly mortgages, can be confusing and overwhelming. The team at Midland Mortgage Corporation is here to help. Contact one of our loan specialists today to find out more about our loan programs and which is right for you.