An FHA-insured mortgage is a loan that is backed by the Federal Housing Administration and has many rules that govern it. The FHA will allow loans only to a certain amount for instance, and for certain buyers. Some FHA loans will only be awarded after loan applicant takes a home buyers or debt management course and completed it successfully. One of the benefits of a FHA loan is the low down payment that is generally required - in some cases as low as 3% of the purchase price compared to 25% or higher with conventional home loans. FHA loans have their own ratio for debt to mortgage or debt to income amounts and may be easier for some people to be approved for than other loan products. Whether you can qualify for a FHA insured mortgage or not, still depends on credit worthiness, the value of the home you are looking to purchase and your income levels and length of time on your job. The FHA still looks at the same criteria that other banking institutions look at, as well as some of their own. You can apply for FHA insured mortgages in a number of ways, including directly through the FHA themselves. We aid buyers and sellers find Sun River real estate. Visit our website to use the map based search tool to find Sun River homes, watch the video tour and view the photos.
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