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How To Get A FHA Loan In 2013 The Federal Housing Administration offers mortgages through several lenders across the country that is aimed at helping those who have a bad credit or do not have sufficient financial capacity to make a standard down payment. FHA loan, as it is referred to, is a specific niche in the mortgage industry where lenders are insured against defaults of repayment because these loans are considered to be high risk lending. Before you look at how to get a FHA loan, it is necessary to note the qualifying criteria. Not just anybody can apply for FHA loan. The first criterion of FHA loan is poor credit score, low income or bankruptcy and previous foreclosures. The second criterion is an inability to make a down payment that is typically demanded or required by lenders for a mortgage. Thus, people with low income or high debts can apply for FHA loan and avail the opportunity to own a home. There are numerous other factors that govern the approvability of an FHA loan. These factors usually vary from county to county. Counties have maximum approvable loan amounts, there are different mortgage insurance requirements based on the loan amount, the down payments can vary from 3% to 5% depending on the lender and the closing costs can also vary across different counties. Once you know the qualifying criteria of FHA loan in your county, you can assess yourself if you would be eligible for it. The first step to how to get a FHA loan starts with contacting a FHA approved lender. Seeking advice from a consultant may help but it is not absolutely necessary since the lender’s loan officers or agents would provide all the necessary details that you need to apply for FHA loan. The interest rates of different lenders would vary hence the second step would be to compare rates from different lenders. You can do this by using a comparison website as that would offer you the most accurate information and also be transparent. If you qualify as per the criteria and your loan amount is well within the maximum approvable limit in your county then you can apply for FHA loan. Just how an FHA loan can help those with low credit score and less financial capacity to own a home, FHA streamline loan can help people to refinance their mortgage to get better rates. Bearing the mortgage payments can often become difficult under several circumstances and in such cases, an FHA streamline loan can be a much needed breather. FHA Loan Specialists FHA LoanTRANSCRIPT
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