FHA Home Purchasing

An FHA loan is available in a fixed rate and an adjustable rate.

FIXED RATES: Ideal for homebuyers who have less than stellar credit and are actively seeking a home for purchase, a fixed-rate mortgage via an FHA loan also has the added benefit of circumventing the need for large cash down payments. How this is achieved depends on the individual circumstances surrounding the potential homebuyer. However, the common theme is shown to reflect the likelihood of a homebuyer receiving approval for their home loan & mortgage being increased with the government insurance loans serving to bolster their initial overtures towards buying a home. For instance, many homeowners who financed their residential purchase via outside means other than a fixed-rate FHA loan are often required to qualify under stricter standards and stringent, loan-based guidelines than those who explore their home buying options through a fixed rate FHA mortgage. Of which can include higher credit scores, longer history of positive credit lines, extended terms for their home’s mortgage, the potential for pre-payment penalties, and significantly larger down payment(s) deemed mandatory at the time of closing on the home’s eventual purchase. To further illustrate the [future] advantages of pursuing a fixed-rate FHA loan, we feel it’s necessary to make mention of the inherent refinancing opportunities that often come with securing an enviable mortgage & fixed-rate FHA loan when purchasing a home. If the home under review is the primary residence of the borrower, there is real refinance potential of nearly 98% of the property’s value at the time of purchase.


FHA Refinacing in Salt Lake City Utah

ADJUSTABLE RATES: In our tenure, it’s always been advisable to explore adjustable-rate options regarding an FHA loan for homebuyers who have experienced hindrances in qualifying for a home loan or preferred mortgage in the past. Such hindrances can be due to poor credit history (upwards of 581, at the very least) or if the prospective home buyer lacks a sizable down payment (often well above the required 3.5% of an adjustable FHA rate) needed in order to qualify for purchasing the home. While the required down payment of at least 3.5% and a minimum credit score of 580 are very similar to the requirements regarding a fixed rate FHA loan, there are several key differences between the two that are important to reference. Firstly, an adjustable-rate FHA loan not only caters to low-interest rates based on the recent market but it affords the flexibility to consider a re-sale in the future without cutting into potential profits. Furthermore, taking command of an adjustable-rate mortgage via an FHA loan also presents the often-advantageous opportunity to not be financially fettered by a traditional fixed-rate mortgage (FHA loan or otherwise). Instead, an adjustable-rate mortgage quite literally lives up to its moniker: once the minimum rate fixation (5 years) has been satisfied by the homeowner, there are several options open to reduce mortgage rates, refinance the home, or test the seller’s market in the local real estate industry.

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