Qualifying For a FHA Loan
Click Here To Find Out If You Qualify for a FHA Loan
First off, you may be asking the question - what exactly is a FHA loan?
The FHA (Federal Housing Administration) has a program set up in which they will insure the mortgages of qualifying participants.
The fact that the mortgage is insured by the FHA means a great deal, because it means that your mortgage costs will end up being much lower.
Since the mortgage is insured, there is much less risk for the bank that is issuing the mortgage. This translates into lower interest rates, lower closing costs and a smaller required down payment.
The FHA does not actually make the loans - instead, they insure loans that are made by qualifying banks and lenders.
The main purpose of FHA loans is to give people who normally wouldn't be able to qualify for a loan based on their financials the chance to buy a home.
This may include first-time homebuyers, people with less-than-stellar credit, etc.
If you are looking for a quick and simple way to find out if you qualify for a homeowner loan, then LendingTree is the answer.
LendingTree connects millions of borrowers with banks and lenders every year.
LendingTree is the "middleman" in the process. This means that they collect some information from the borrower (you), and then have a number of different lenders and banks bid for your loan.
This works out to your advantage for the following reasons:
1. You are able to find out which companies are offering you the lowest rates.
2. You send an incredible amount of time (imagine calling each individual lender for a quote - LendingTree handles this process in mere seconds).
3. You are able to request a quote from the comfort of your own home.
There is no obligation - just because you receive a quote doesn't mean that you have to take out the loan.
LendingTree specifically deals with people who are seeking out FHA loans - all you have to do is click the banner below and the process will begin.
The process of receiving a quote will take just 5 minutes of your time..
Filed under: General Knowledge