Skip to main content

Home/ eiphropjlqfbfgdmofgj/ Tips For Back Pain Relief
Heath Mcdaniel

Tips For Back Pain Relief - 0 views

back pain Naperville Chiropractic relief

started by Heath Mcdaniel on 16 May 12
  • Heath Mcdaniel
     
    What Denver residents should know about FHA Loans
    If you live in Denver and are considering purchasing your first home, you owe it to yourself to learn about the FHA program. While not right for everyone, the FHA program carries massive benefits to those seeking to purchase their first home. back pain Naperville, Chiropractic Naperville
    Denver FHA Mortgage 101
    FHA, short for Federal Housing Administration is primarily tasked with making the dream of home ownership more attainable. It has a number of programs available to facilitate this goal. FHA loans generally have lower requirements for down payments and credit scores than conventional loans. Banks allow this because the FHA actually backs the loans, thus lowering the risk to the bank. When an FHA loan goes into default, the lending bank is protected by the FHA guarantee and is able to recoup their investment.
    Who Can Get a Denver FHA Mortgage?
    One of the great things about a Denver FHA mortgage is the fact that virtually anyone can qualify. FHA does not have specific income requirements other than a satisfactory debt to income ratio. FHA requires only a 640 credit score and and 3.5% downpayment.
    More FHA Benefits
    In addition to lower requirements for downpayments and credit scores there are many other benefits of the FHA Mortgage program:
    No prepayment penaly. A huge bonus for subprime applicants.
    The FHA 203k program will fund specific home improvement efforts, allowing you to buy a house that may need some repairs without having to come out of pockt for the repairs.
    With an FHA mortgage, there are few restrictions for getting the money you need for downpayment and closing as a gift.
    With just a few restrictions, FHA loans are assumable, meaning that someone can take over your loan without have to go through the whole loan initiation process.
    Why Doesn't Everyone Get An FHA Mortgage?
    The FHA places a limit on the maximum loan amount based on current local market values. In Denver, the current maximum loan is $406,250. Additionally, on April 9, 2012 FHA started requiring PMI (private mortgage insurance). PMI premiums are as follows: 1.75% of loan value paid and closing and; 1.15% of loan value per year for the first 5 years, included in the monthly payment.
    PMI may not be required with conventional loans for those that are highly credit worthy. PMI helps keep the FHA solvent given their guarantees on loan defaults. PMI is the price of less stringent qualification standards.
    Denver FHA Mortgage Allows More Dreams to Be Fulfilled
    FHA was established to open the door to home ownership to the majority of Americans. After all, not everyone has a 5, 10, or 20% downpayment saved up. With the recent financial crisis, keeping a credit score above 700 is even more difficult. Home owners make for more stable citizens and that is why the government funds FHA and tasks them to create home owners.

To Top

Start a New Topic » « Back to the eiphropjlqfbfgdmofgj group