Small Home Financing

Many people do not know where to go to find out about FHA Home Financing and if they can qualify for an FHA loan.

The best thing to do is to call banks in your area and ask for the mortgage officer. Ask that person if they handle FHA – most banks do, but some don’t. In this case you might have to do some homework.  FHA loans have the advantage of requiring only 3.5% as a down payment, which means less cash out of your pocket (a conventional non-FHA loan would require 20% or so down. The disadvantage is that you have to pay FHA an insurance premium for the loan guarantee, which means that .your closing costs are higher, but usually not enough to offset the much lower down payment.

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Related posts:

1. The Costs of Getting a New Home Loan
2. Some Advise For the First Time Buyer
3. Closing costs
4. How to Prepare for Home Ownership
5. Zero Down Payment Financing program