FAQs on buying YOUR first home
FAQs for FHA, VA, and Conventional loans: FHA Loans 🏠 Beneficiaries: Ideal for individuals with lower income and credit scores . FHA 's Role : Offers mortgage insurance , boosting lender confidence. Mortgage Insurance: Protects lenders against borrower defaults, allowing for lower credit scores and down payments . Refinancing Options : FHA Streamline Refinancing simplifies the process. Credit Requirements: Lower credit scores accepted than conventional loans, with lower Mortgage Insurance costs for lower scores Loan Limits: Limits vary based on location, typically updated yearly Check here: https://entp.hud.gov/idapp/html/hicostlook.cfm Property Types : Must meet health, safety and livability standards . Closing Costs: Similar to other loans, up front mortgage insurance is financed in the loan Home Improvements: Possible through FHA 203(k) renovation loans . Prepayment P...