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The Best FHA Home Loan Guide

Written by Posted On Monday, 25 February 2019 14:46

The Best FHA Home Loan Guide:

FHA loans are very popular; especially among first time home buyers. Why are they so popular? Because the FHA home loan program allows for a small down payment even for those with less than perfect credit. Also the FHA Streamline refinance program is one of the fastest ways you can refinance your current mortgage (it's super easy). In 2019 we set out to create a brand new website with some of the best content on the internet for home owners and home buyers. We believe we have the best FHA home loan guide on the internet. It's been completely updated with the latest information and it's easy to read. Here is a brief overview of some of the information you'll find:

What Is A FHA Loan:FHA Loan

A FHA home loan is a residential mortgage that is guaranteed by the Federal government. What are they "guaranteeing"? The guarantee they issue is to the lender that issues the mortgage; if you default the government will cover the losses associated with the default. It's important to remember; only mortgage lenders lend money under the FHA home loan program; FHA does not lender any money directly to consumers.

Basic Borrower Qualifications For A FHA Loan:

This is perhaps what applicants want to know most; how do I qualify for a FHA home loan. The great thing is that the FHA home loan program was designed to be easy for those with less than perfect credit and/or a small downpayment (or equity if you're refinancing). To put 3.5% down for a purchase (or if you have 3.5% equity on a refinance) you need a 580 or higher credit score. With a 579 or lower score you need 10% down for a purchase or 10% equity if you're trying to refinance a mortgage.

Property Qualifications:

There are property qualifications under the FHA home loan program. You can only use the FHA loan for residential properties (no land, commercial or industrial), the property cannot be more than 4 units and it must be your primary residence. In addition there are some basic home safety requirements as well.

Current FHA Mortgage Rates:

If you are looking to stay up-to-date with current FHA mortgage rates then you really should visit our current mortgage rates page. We update this section on a daily basis with mortgage rate information but also mortgage industry news and money savings tips. Be sure to check it often.

FHA Mortgage Insurance:

FHA mortgage insurance is not your homeowner's insurance which covers your home in case of disaster. Remember I previously mentioned that the Federal government guarantee's your mortgage in case you default? Well that guarantee is an insurance policy which is added to your monthly mortgage payment and on your mortgage statement it's labeled Mortgage Insurance (MI). The amount each month is based on your loan amount and generally ranges from $100 - $300 per month (for most home owners)

JB Mortgage Capital, Inc.:

As mentioned the above is a brief overview of our 2019 FHA home loan guide. Please be sure to take the time to visit our website to get all the details. And if you have any questions please do not hesitate to ask. JBMC, Inc. has an A+ rating with the Better Business Bureau, we are AAA rated with the Business Consumers Alliance and Loan Officer Kevin O'Connor has over 14 years of experience in the mortgage industry.

 

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Kevin O'Connor

California Mortgage Finder, Loan Officer Kevin O’Connor. Low rates, fast closings, and exceptional service. Over 20 years of experience in the mortgage industry, and top ratings with Zillow, Google, and Yelp. Loan Officer Kevin O’Connor (NMLS #247447 and CA DRE #01499872) has the resources to deliver unparalleled results. He works in association with JB Mortgage Capital, Inc., an “A+” rated mortgage broker licensed by the state of California (NMLS #238036 and CA DRE #1836772).

https://californiamortgagefinder.com/

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