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John The Mortgage Man
4832 Holly Rd. Suite 201
Corpus Christi, TX 78411
(361) 510-1420johnthemortgageman@hotmail.com
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FHA Loan Basics

INTRO

Ever wondered what exactly is a FHA loan? It’s a great loan program that makes home ownership possible for more people. If you’ve had trouble find a conventional loan that works for you, a FHA might be right for you. This report will answer all your questions.

REPORT

The Federal Housing Administration or FHA is a government agency that was created to make home ownership available to more people. The FHA loan has helped 34 million people to own a home, and it can help you attain the dream of home ownership. Even though a FHA loan isn’t just for first time homebuyers, this loan is perfect for anyone who has thought about owning a home at one point. The requirements are easier to qualify for then a conventional loan. The biggest advantage is that the down payment is usually much lower then a conventional loan.

Here are the basics of the advantages of a FHA loan.

Low Down payment – The down payment is often the biggest thing that has stopped someone from owning a home. With down payments of 20% on conventional loans being common, this can be very difficult for many people to come up with. According to the US Census Bureau the average price of a home in the US is $273,000, with a 20% down payment, someone would need $54,600. Most people don’t have that kind of money lying around. With a FHA loan the down payment is only 3.5%, or a $9,555 on a average priced home, which many more people can afford.

Lower Credit Requirements– Credit requirements for conventional loans these days can be pretty high. Not only that, but if your credit isn’t perfect you can end up paying more on a down payment. If your credit is less than perfect, FHA might be the loan for you. You may qualify for an FHA loan even though you have had financial problems. Even if you’ve had bankruptcies a FHA loan is not out of question as long as you can show that you’ve made consistent payments for the last 2 years.

No Mortgage Insurance– Since the FHA is a government loan, it is backed by the government. Because of that there is no need to pay mortgage insurance that you would pay on a conventional loan. That makes your monthly payment less, and could save your hundreds of dollars a year.

There are of course limitations, not every home qualifies for a FHA loan. The loan limits on a FHA loan are typically $417,000. There are some areas where homes prices are more expensive that have higher limits. To find out what your loan limits are please contact us. We can also pre-qualify you to find out if a FHA loan is right for you.

loan that was created to make homeownership easier for everyone.


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Mortgage Man
Jeremy Dean
Jeremy Dean
06:16 07 Mar 19
John the Mortgage Man worked to get me and my wife into our first home this year! We had some issues with low funds, high debt and bad credit, but John helped us to determine how much we needed to save up to get in the home we wanted. Once we got there John was able to hook us up with a lender and get us a good deal on a loan. We closed in just over two weeks from the time we found a house that we wanted! John always made us feel at ease and answered any questions we had. Very knowledgeable, very responsive and very kind! Thank you John for everything! Highly recommend!!!read more
John McCoy
John McCoy
15:12 19 Feb 19
John made getting our loan processed very efficient and worry free. He will do the same for you!
CJ
CJ
19:47 20 Oct 18
12 days from application to closing, now that's fast! Great overall service, everything John said he would do, he did it. My clients were thrilled.read more
Frank J Rosati
Frank J Rosati
19:15 20 Oct 18
John made everything easy for the purchase. He had everything covered (all the associated costs, paperwork) that I needed to close. It was a pleasure to work with him again (this is my second time working with John) and I would highly recommend him to anyone looking to finance a home.read more
debbie powell
debbie powell
19:05 19 Aug 18
John goes out of the way for you to make sure you are informed, kept up to date, and always professional. Definitely goes the extra mile to help! Everything is done in a timely manner. Thanks so much John! This is my second mortgage through John McCoy and team.read more
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John The Mortgage Man
4832 Holly Rd Suite 201
Corpus Christi, TX 78411
(361) 510-1420johnthemortgageman@hotmail.com