When you decide it is time to buy a home, it is an exciting time. There are so many decisions to make and choices to decide on. Suddenly it can all become overwhelming. Terms you have never heard of before, and requirements you must meet, can turn your quest for a home feel like a bad dream. What can you do?
At Compass Mortgage, our expert team of mortgage specialists will guide you to your best mortgage loan. If one loan is not right for you, our Altoona, IA FHA loan lenders will recommend another. We are committed to seeing you succeed with your home buying goal.
There are many different types of loans you can acquire through a mortgage lender. One of the most popular is the FHA loan. The FHA is an agency of the federal government, and they issue private mortgage loans for new and existing housing.
In the past, buying a home required a hefty 20% down payment. As the decades passed and home prices soared, it became increasingly difficult for the average worker to afford that much of a down payment. The FHA, which became part of the Department of Housing and Urban Development, was created. Today, it acts as a buffer to lenders by reducing the risks in issuing loans and qualifying new borrowers.
FHA loans are for all homebuyers, including first-timers. You can also refinance your home with an FHA loan. The most popular FHA mortgage loan program nationwide is the 203B FHA home loan. When you decide on a Altoona, IA FHA loan, you will be required to put down a minimum of 3%, and 100% of your closing costs can come from a relative, non-profit organization, or a government agency.
When you find it difficult to qualify for a conventional loan, our FHA mortgage loans may be the perfect solution for you. After all, the FHA, also known as the Federal Housing Administration, has been helping people with less-than-perfect credit, or who have little money for a down payment, to own their home.
The Hawkeye State is one of the safest places to live nationwide. Unemployment is low, as are crime rates, and there are many cities and towns to choose from. Iowa is a great place to call home.
The great benefits of Altoona, IA FHA home loans include:
In order to qualify for an FHA home loan there are certain requirements to meet:
An FHA loan is often the way to go when you want to buy a home for you and your family. Putting money into a rental payment each month will not help you to build up any equity in that property. Whereas a Altoona, IA FHA home loan will do just that. Over the years, the equity builds in your home and there are many ways to take advantage of that as you go.
We know how hard you work. At Compass Mortgage, we also work hard for all our clients. FHA loans are easy to obtain once you qualify and closing dates are usually within 30-45 days. We always go above and beyond for you, so call us today and let us go to work for you.