At River City Mortgage we often hear our clients voice concerns about their ability to secure a purchase or refinance loan. In an uncertain economy, this is understandable. Fortunately, we offer FHA Home Loans to assist clients who are purchasing a house for the first time, or clients looking to refinance. There are many things to love about the FHA Home Loans program, but these are our top 4:
1. FHA is more forgiving of low credit scores. In some cases, even clients with a credit score of 550 can get approved.
2. FHA traditionally has lower rates than a conventional mortgage. This is great news with interest rates guaranteed to rise in 2017.
3. FHA refinances don’t require an appraisal. Not only does this eliminate a hassle, it also means your loan gets closed faster.
4. FHA home loans are perfect for millennials. Many people buy homes because of life events – getting married, having kids – but home ownership is a great way to build equity. Renting a home or an apartment can’t achieve that and the millennial generation is capitalizing on the FHA home loan to start investing in their futures.