Looking to buy a home in the near future? Not sure if you can afford to purchase a home? Already own a home with high monthly mortgage payments and interest rates? Visit the FHA Research Center (FHAResearchCenter.com) to learn how you could save money today.
For more than 70 years, the U.S. Federal Housing Administration (FHA) has enabled people to borrow money in order to buy homes they otherwise might not afford. The FHA Research Center offers free resources to help you learn about FHA housing loans and apply for an FHA loan.
You don't need to be a first-time home buyer to get an FHA loan. However, you can only have one FHA mortgage at any given time. If you already own a home, learn about FHA Mortgage Refinancing to see how you might lower your monthly payments or interest rates.
FHAResearchCenter.com lets you see current FHA Interest Rates to help you decide if you should get an FHA loan. FHA loans typically offer low interest rates, low closing costs and the ability to buy a home with no down payment. It's generally easy to get an FHA loan because the FHA guarantees the lender that it will pay off the loan if you default.
There is a helpful FHA mortgage FAQ (frequently asked questions) page if you're just curious to learn more about the subject.
If you're ready to apply for an FHA loan, simply request an FHA new home loan or FHA refinance loan at the FHA Research Center and a loan specialist will contact you to help you pre-qualify!
I was recently approved for a FHA loan for 309,000. My wife and I are interested in purchasing a house for much less (around 270,000) and using the remainder to pay off loans. This includes the Nehemiah Grant of 9,000 as a down payment. My question is, for a fixed 30 year loan, can I take out the loan for this amound and purchase a lower price home and pay my credit card debt with the remainder of the loan. Does the loan have to be for purchase of the home only. Yes, I am a first time buyer. The mortgage payment would be 2,200 and it would be great to purchase less of a house and pay some debt off so we can afford the payment. Save in the long run I hope.
Chris
Posted by: Chris | July 4, 2008 5:24 PM | Permalink to Comment