How will going FHA work for me? Common question among home buyers. The first item to deal with is Have you talked to a lender? If you have then s/he should of explained to you the different options regarding your upcoming mortgage. From there you would have discussed your ability to make a down payment. In today’s market it is necessary to have a solid down payment in order to consider doing a conventional mortgage. If you have a substantial sum of money available to cover down payment then your options are considerable. If however, your available cash is limited then this is when your lender or broker would begin to discuss an FHA mortgage with you. Why? Down Payment- pure and simple. An FHA mortgage allows you, in most cases, to get into the home of your dreams for as little as 3.5% down.
This amount is very attractive to many home buyers in today’s market. Provided the home you choose is FHA financing eligible, which many to most are, then you can move right into choosing a home that fits your needs and stays within the budget you and your lender/broker have determined would best fit your needs.
During your home search you should be working with your lender and doing the necessary paperwork to insure that you meet all the requirements and that you are not caught by any surprises in the week(s) prior to closing. Have ready for your Broker/Lender such items as bank statements and pay stubs as well as pay off amount and payoff date on any obligations you currently have. Much of this will be verified via your full credit report but this allows you to be best prepared to fill out any paperwork and answer any questions the lender may have for you.
Going the FHA route will allow you to take advantage of low down payments, excellent rates, and terms you can live with while you enjoy the rewards of home ownership.
Happy House Hunting in North Texas. If you need a REALTOR® to list your current home, or are looking to buy or rent in the North Texas region- Give Dawn a call/text 214-604-4561 at Avery Properties/Avery Realty Group- where Sellers Enjoy 4% Listings and Buyers Enjoy Cash Back!! (ask me how…..)