Hey guys, Marat here over at the Lending Group, and today I just wanted to chat about three things that you may not know about FHA loans.
And the reason I want to talk about that is because, you know, there are a lot more opportunities in today's market for individuals to utilize FHA loans in order to purchase homes. So number one, FHA is not a lender. Actually, FHA stands for Federal Housing Association and it is part of HUD. And what it does, it actually provides insurance to banks, credit unions, and other lenders.
In the event, there's a default on mortgages that are sponsored under -ridden under the FHA guidelines. Number two, FHA loans are not just for first-time homebuyers.
You can utilize an FHA loan even if you're not a first-time homebuyer.
So you can take advantage of the low-down payment and the less restrictive
guidelines in order to purchase a home. And finally,
number three, there are no income limits or geographical restrictions on FHA loans.
Unlike VA loans or USDA loans, where there could be income limits or
geographical restrictions, FHA does not have any of those restrictions. All right,
guys, hopefully, that was helpful. Again, when preparing for a loan or preparing to
purchase a home, make sure you think about FHA loans now. It's something that can
be utilized and may save you some money in the long run in terms of down payment
and or borrowing costs. If you think of anything else, please reach out to me at
meetwithmarat .com and I speak, hopefully, I speak to you guys soon. Take care.
Marat Tsirelson, Mortgage Lender
NMLS #23474
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CONNECT WITH ME
Phone: (267) 400-0763 or (305) 962-4882
Email: maratt@lendinggroupco.com
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About The Lending Group
Lending Group Company is built on a foundation of trust, integrity and honesty. We endeavor to deal with our clients and our workers with the highest respect / regard that they are entitled to. Loaning in this day and age can be difficult and we are certain that our certified team of home loan experts can make the home buying or re-financing process easy.
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