Different Mortgage Loans FHA

Dated: 11/08/2018

Views: 93

. Yesterday I talked to you about conventional loans. Today I'm going to talk about FHA loans. 

FHA loans are great for people that are looking for lower down payment requirements and have some flexible qualifications.  This program is great for first time home buyers. You also qualify with lower credit scores than you would with a conventional loan. 

You will have a monthly payment that will include an escrow for taxes, insurance, and mortgage insurance. Before mortgage insurance would go away once you had reached 20% loan to the original purchase price, that's no longer the case. Mortgage insurance is on now for the life of the loan.

FHA loans

  1. offer low downpayment

  2. get a loan with just 3.5% down payment

  3. you could use monetary gifts for down payment or closing cost

  4. you don't have any prepayment penalties if you pay off your home early

  5. finance up to $288,900, this is area based.

Orlando Ayala, PA
Realtor
Multi-Million Dollar Producer
La Rosa Realty, LLC
Clr   813-384-8211
Fax  813-283-1595
oayalare@gmail.com

www.orlandoayalarealty.com

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