When you are thinking about getting a home loan from a mortgage broker in Melbourne, you might consider using an FHA loan for making sure that you are getting approved easier, especially if you have a bad credit score. But, not many people know about the FHA and the facts around the FHA to be able to choose the right option. Here are some of the most important facts about the FHA, so that you can know what exactly your options.
The FHA isn’t a mortgage broker
The one thing that people don’t understand is that the FHA isn’t a mortgage broker. They are not lending your money to be able to buy your dream home. FHA stands for Federal Housing Administration and they are only providing insurance to the mortgage brokers, to show them that you as the borrower is going to repay the loan, and that you are able to provide insurance to show that you are going to be able to repay the loan.
If you have an FHA loan, and you don’t pay, the FHA will take over the premiums, but they are also taking over the home. But, the mortgage broker will know that they are going to get the premium of the home, no matter what.
The FHA isn’t just for first time buyers
Most people think that the FHA is only for first time buyers that don’t have proven that they are able to repay the loan completely to the mortgage broker. Anyone can qualify for an FHA loan, especially if you have a bad credit score. This is sometimes the best, and the only way that you can buy a home if you don’t have a good credit score.
If you want to make use of the FHA, you just need to find out if you qualify. And, even if you are not a first time buyer, you might just qualify for the FHA.checkout latest updates at http://kutv.com/sponsored/citywide-home-loan/should-i-get-a-fha-home-loan
You don’t need to have a 20% down payment with the FHA
When you are buying a home, we all know that you need to have a 20% down payment before you can get approved by the mortgage brokers in Melbourne. And, we all know that there are some people that don’t have that sort of money.
If you want to buy a home, but don’t have the down payment, you can try getting approved for an FHA loan. With the FHA, you don’t need to have any down payment to buy your dream home. This just makes the process a lot easier.
When we are buying our homes, there are so many things that we don’t understand and don’t know about. Many people don’t understand FHA loans, and don’t always have the correct facts. With these top three facts about the FHA, you will understand the FHA better, and will know if you qualify. With an FHA loan, you can go to the mortgage broker and get your mortgage approved easier and faster.