If you are a first time home buyer, the time has never been better to explore financing through the FHA loan program. With subprime loans taking a hit in the market, many first time buyers are left with questions about the best options for them. FHA loans may in fact be the answer. While FHA mortgages haven't been as popular in recent years because of the perceived amount of bureaucracy associated with obtaining a loan backed by a government entity such as the HUD, new legislation is in the works to help make them more consumer-friendly.
First time home buyers represent a large share of the lending market and they receive a lot of attention. Many do not have established credit histories or a lot of money to put down for a downpayment (cause they are usually fresh out of college or still early in their careers). Currently, FHA loans require a 3% downpayment to obtain financing and have different loan limits in different states. Apply now to obtain more information about the limits and downpayment requirements in your area with us here on Mortgage Loan Place.
We will connect all first time home buyers with FHA loan experts particular to your area. They will help explain the different benefits and costs associated with purchasing your first home with an FHA loan. Many people fail to take the time to learn more about their options when financing a home - don't be one of them! The FHA might just be the answer for your home loan.