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FHA loans are one of the best options for young, first-time home buyers who have not had as much time to save for a large down payment or establish a high credit score.

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9 Important Steps for Homebuyers

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The FHA loan program will let you purchase a home with a low down payment and flexible guidelines.

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Getting Ready for Your FHA Loan Application

June 27, 2023
Getting Ready for Your FHA Loan Application
The FHA loan process is straightforward and has been successfully navigated by millions of homeowners. If you're considering an FHA loan to finance your home purchase, it pays to be prepared. To avoid mistakes before you start your loan application, homebuyers should keep these tips in mind:
 
  • Misunderstanding the loan limit:
    Homebuyers should be aware of the FHA loan limit for their area and ensure that the home they are interested in purchasing falls within that limit.
  • Underestimating the cost of mortgage insurance:
    FHA loans require mortgage insurance, and this cost can add up over time. Homebuyers should factor in the cost of mortgage insurance when determining their monthly payments.
  • Not having a solid employment history:
    The FHA requires borrowers to have a steady employment history, so homebuyers should ensure that they have a stable job before applying for a loan.
  • Not repairing credit before applying:
    The FHA requires a minimum credit score of 580, and a higher score can result in better loan terms. Homebuyers should take steps to improve their credit before applying for a loan.
  • Not shopping around for the best interest rate:
    Homebuyers should shop around and compare interest rates from multiple lenders to find the best deal.
  • Ignoring closing costs:
    Homebuyers should factor in the cost of closing, including title insurance, appraisal fees, and other costs, when determining their budget.
  • Not getting pre-approved:
    Homebuyers should get pre-approved for a loan before starting the home-buying process. This will help them understand their budget and avoid overspending.
  • Not working with a real estate agent:
    A real estate agent can provide valuable guidance throughout the home-buying process and help homebuyers avoid common mistakes.
By avoiding these mistakes, homebuyers can ensure a smoother and more successful experience with an FHA loan.

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FHA Loan Articles

​Cash-Out Refinance: The Pros and Cons

January 16, 2021What you may not know that there are many different types of refinances and different benefits that come with them. The cash-out refinance, or cash-out refi, is one that many borrowers opt for, for several reasons. 

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