So, maybe you have less-than-perfect credit. Or you’ve had trouble qualifying for a conventional loan for other reasons. The FHA program continues to evolve. Both the upfront and ongoing mortgage insurance costs have become more expensive. While the increase makes these loans less advantageous than in the past, they are still a good option if your needs and situation preclude you from qualifying for a conventional loan. Inlanta Mortgage can help Michigan renters or homeowners make a good move by guiding them in the process of applying through FHA. Here are just a few of the benefits:
- Low Down Payments – As little as 3.5% down will work in most instances, and 5% covers most others.
- Higher Loan Amounts – In some areas, FHA maximums can exceed conventional loan limits.
- Lower Total Cash to Close – Sellers can help pay closing costs, and borrowers can receive gift money toward their down payments.
- Streamlined and Cash Out Refinancing – Subsequent refinancing can be far easier and more lenient than with conventional loans.
- Purchase and Rehab Financing – The FHA 203k loan can be a great option for the purchase of homes in need of a quick spruce up or even major remodeling when you don’t have sufficient funds to do it on your own.
Of course, we’ll always fully assess your situation, educate you on available options and help guide you to financing that suits your needs.
Reach out, and let’s explore the benefits the FHA Program might offer you!