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Why Get an FHA Loan

Why Get an FHA Loan | Real Estate Articles Worth Reading |
What Are The Advantages of an FHA Loan? See all the reasons why an FHA could be beneficial when buying a home.
Bill Gassett's insight:

Are you planning on getting into the real estate market for the first time? Buying your own home can be an exciting venture. Along with homeownership though comes financial responsibility.


One of your first tasks in the home buying process will be getting financing. You should plan on getting pre-approved for a mortgage before you even set foot in a home. Proving you are qualified to all home sellers will be an essential step.


One of the financing options that will be worth checking out is an FHA loan. An FHA mortgage offers quite a few advantages. In the article at Active Rain, see all the benefits of having an FHA loan, including the ability to have a low down payment. With an FHA mortgage, you will only be required to put 3.5% down. There are other perks as well including having relaxed credit scores.


Without FHA mortgages there would be far fewer homeowners. When speaking to a mortgage broker ask them if an FHA loan may be right for your current circumstances.

Rescooped by Bill Gassett from Real Estate Clips!

FHA Minimum Credit Score Requirement Drops 40 Points

FHA Minimum Credit Score Requirement Drops 40 Points | Real Estate Articles Worth Reading |
Credit score requirements are dropping for the FHA mortgage. Analysis and effect on U.S. home buyers, plus today's live FHA mortgage rates.

Via Lynn Pineda
Bill Gassett's insight:

FHA mortgage products are super popular with today's buyers due to the fact that you can get into a home for low money down. Currently in order to get an FHA loan you only need to put 3.5% down. This makes it especially attractive for a first time home buyer.

With FHA dropping the credit score requirement by 40 points there will be more borrowers eligible for using an FHA mortgage product.

Lynn Pineda's curator insight, February 19, 2014 2:17 PM

More Buyers to qualify for an FHA Mortgage.  Will this continue to strengthen the many Sellers Markets being experienced nationwide  with an increase in supply of Buyers searching for homes to buy? Currently, a Seller's Market means there are many Buyers with not enough homes for sale to select from, yet with threatening rise in mortgage interest rates, has the pool of eligible Home Buyers shrunk? Perhaps, this will make the pool of Buyers grow.


If you're considering Selling your home, the greater the competition for your home the better. Act now, and get your home ready to sell.

Lynn Pineda's comment, February 20, 2014 9:35 PM
Thanks Bill!
Ruth Lerner's curator insight, February 21, 2014 11:39 AM

More flexibility and lower thresholds in lending will allow the first time home buyers to enter the market.  With low interest rates, and high rents, home ownership will become not only more attractive, but more feasible.