Like many young couples, buying your first home is a rite of passage as adults. Sometimes that big step in life isn’t always easy.
Many consumers need a little help and it often starts with the type of loan you choose. What is the best loan option for most consumers today?
There just might be a way to ‘Save a Buck’ with FHA loans.
Jack and Sara March went with an FHA loan and here’s why.
“[It was] just how easy it was to be approved for; the whole process and the down payment. The down payment was a lot lower than your standard loan. You don’t have to put the 20 percent down,” Jack March says.
Instead FHA loans only require 3.5 percent; a much more realistic and affordable option for many families.
March says, “That was just a lot easier for us to come up with the down payment.”
Jack and Sara March went with an FHA loan and here’s why.
“[It was] just how easy it was to be approved for; the whole process and the down payment. The down payment was a lot lower than your standard loan. You don’t have to put the 20 percent down,” Jack March says.
Instead FHA loans only require 3.5 percent; a much more realistic and affordable option for many families.
March says, “That was just a lot easier for us to come up with the down payment.”
Professionals say FHA loans are a very popular option right now because Fannie Mae is in the process of eliminating their three percent down payment and for most consumers FHA is the only hope of owning a home.
What is seen in the industry is that a consumer who may have a lower credit score perhaps they’re a young buyer who hasn’t had time to build credit or someone who had a bankruptcy and their credit score was impacted by that tend to get a better rate on an FHA loan than they will on a conventional loan.
So if you’re in the market to for a home loan, FHA may be the way to go.
It’s the best with down payment assistance and is the lowest down payment option available.
What is seen in the industry is that a consumer who may have a lower credit score perhaps they’re a young buyer who hasn’t had time to build credit or someone who had a bankruptcy and their credit score was impacted by that tend to get a better rate on an FHA loan than they will on a conventional loan.
So if you’re in the market to for a home loan, FHA may be the way to go.
It’s the best with down payment assistance and is the lowest down payment option available.
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