Why the FHA home loan is ideal for first time homebuyers in Dallas |
FHA Loans Dallas
3131 Turtle Creek Blvd #605, Dallas,TX 75219, USA Phone:866-710-1720 |
It is worth noting that many lenders never want to lend to FHA Loans in Dallas, as they are considered not yet mature or their credit score may be low. However, many lenders have no problem offering the FHA home loan, owing to the fact that the home loan program is backed and insured by the government through the Federal Housing Administration from which its name is derived. This therefore gives the FHA approved lenders the security for their home loans, and hence the smooth issuing of the home loan. This article will therefore delve into the reasons why the FHA home loan is ideal for first time homebuyers.
It demand a low down payment Majority of the home loans available in the market requires of you to deposit some percentages of the money that you are applying for as down payment. The number one concern for first time homebuyers is where they are going to get the money to pay the down payment. Nonetheless, the FHA home loan demands for a low down payment of 3.5% which is very low as compared to other home loan programs. This in turn gives the first time homebuyers the leeway to save the sum of money that they would have paid for a home loan. Nonetheless, it is important to note that the down payment that you will pay for the FHA home loan is determined by your credit score. It has very lenient guidelines Each and every home loan program that you come across has the requirements and guidelines that you need to surpass in order to qualify. Some of the guidelines of some home loans programs are very harsh, thus curtailing first time homebuyers from getting the money to actualize their dreams. The FHA home loan is no exception, however, its guidelines tends to be very lenient bearing in mind that the home loan is backed by the government. This therefore makes it very easy for first time homebuyers to qualify for the home loan without any hiccups. It attracts low interest rates Home loans or any type of loan is never given for free, as lenders are business people and not philanthropists. These being the case, different home loans have different interest rates that they charge. The good thing with the Dallas FHA mortgage loan is that it charges very low interest rates, as it is backed by the government. This being the case therefore, you are able to save on your resources, which enables you to use the funds that you save to run other errands. In case you are a first time homebuyer and you do not have enough funds, then apply for the FHA home loan. |
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