When we shop for home loans, we often gravitate toward the ones the require less down payment or are more lenient with credit scores. Often that can turn out to be an FHA loan. Then you get stuck with mortgage insurance premiums. On a $265,000 FHA mortgage that can add $200 extra to your monthly […]
A sector of the market that is not necessarily being met by other loan programs is being served by FHA insured mortgages. Buyers would love to secure a conventional 80 percent mortgage without mortgage insurance and get the lowest cost of financing possible, but if they can’t put down 20 percent then it isn’t really […]
Have you thought about making additional principal payments on your home mortgage? Here are three benefits: building equity faster, saving interest and shortening the term on your fixed rate mortgage. Just these items alone would be enough for you to justify paying the extra money. But there is also another huge advantage if you are […]
Federal Housing Administration (FHA) loans can be confusing because the FHA does not make loans. It insures the loans made by lenders it has approved. So, if a lender defaults, the FHA covers the losses – not the lender.
One of the great benefits of an FHA insured loan is that it only requires a 3.5% down payment, making homeownership much more feasible for those potential buyers purchasing Fairfax VA Real Estate, who do not have the traditional 10%-20% down that conventional mortgages require.