At Las Vegas Mortgage Lenders in Las Vegas, NV, we help consumers learn more about the various types of different loans that they will have to choose from for their home loans. Some would agree that homeownership is exciting and fun, yet others will disagree. Unfortunately, those who would disagree are often those who got stuck in a bad home loan. We can help you prevent this by discussing your options with you in greater detail. Our qualified, professional loan officers will help you learn all that you need to know before you choose an FHA loan.
What Is an FHA Loan
An FHA loan is the type of loan that most first-time homebuyers elect to use. It is easier to secure than a conventional loan. This is usually because to qualify for a conventional loan, you have to have a high credit rating. An FHA loan isn't ideal for every first-time homebuyer, which is why we discuss the advantages and disadvantages of this type of loan. It is partially guaranteed by the Federal Housing Administration. This means that it is a government-backed loan. Since it is, many lenders are more prone to relax the requirements for approval.
FHA Loan Terms
Most FHA Loans require a minimum of 3.5% down payment. Once this is paid then you are pretty much on your way to owning your own home. If you have credit problems, this is generally the type of loan that our loan officers will encourage you to apply for. If you’re interested in an FHA loan to buy a single-family home, multi-unit home, or condo, we would recommend that you apply for an FHA loan. Other FHA funding programs are available that can offset the expenses for repairing or renovating distressed homes.
Pros of Having an FHA Loan
This type of loan isn't for everyone but first-time homebuyers, it seems to be the best suited to their needs and finances. It offers easier requirements that make it possible for most first-time homebuyers to buy their first home. One of the advantages of this type of loan includes a low down payment of just 3.5%. Conventional loans often require a larger down payment or at least a high credit score to get approved. With an FHA loan, the money for the deposit can be gifted by someone other than the persons whose names will be listed on the deed. The seller can also offer assistance for the closing costs, which offers some level of flexibility. These advantages are all that most new homebuyers need to hear to convince them that this is the right type of loan for them.
Professional Loan Officers
At Las Vegas Mortgage Lenders, we only work with seasoned real estate agents who know all that there is to know about FHA Loans. They are not here to tell you which type of loan to choose; they are here to guide you to make the decision that is best for you. Call for a consultation today.