Are you interested in obtaining an FHA Loan? Many people prefer this type of loan to the traditional loan, and this situation may apply to you as well. Here we will share a few facts about fha loans ct that you should know if you’re interested in obtaining one for yourself.
Fact 1: FHA Loans are easier to Qualify for
Since the government is backing your loan, lenders are more willing to work with you on a loan. This allows more people the opportunity to own a home who otherwise wouldn’t have had the chance.
Fact 2: Lower Interest Rates
FHA interest rates start as low as 3.5%. Check around with other loan types and it won’t take long for you to discover just how low these rates are. These low interest rates make it easier to get what you need.
Fact 3: You don’t Obtain your Loan from the FHA
There are a number of FHA Loans CT lenders available for you to choose from, but it is important to know that you will not actually obtain a loan through the FHA. The FHA, or Federal Housing Administration, is an agency with the U.S. Department of Housing and Urban Development.
Fact 4: More than First-Time Homebuyers
While those buying a home for the first time are sure to benefit from the FHA loan, these loans are great for many different people. There are many people who already own homes who use FHA loans, thanks to the variety of loan options that is available.
Fact 5: Little Down Payment Needed
Many FHA loans require no down payment at all, making it much easier to get into home ownership sooner. Those that do require a down payment typically offer lower than average numbers.
Now that you are an informed individual, go out and get the loan that you need.