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30-Yr fixed 4.750 % 0.7 to 1
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5/1 ARM 3.125 % 0.7 to 1
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Now is an outstanding time to obtain an FHA loan

Federal Housing Administration or FHA loans go back to the days of the Great Depression when there were many foreclosures, and people were unable to pay their mortgage. The FHA then came up with a loan to give extra insurance to the lenders. Therefore, the FHA insures the loan so that the lenders are not taking a risk by approving an FHA loan.

Now is an outstanding time to obtain an FHA loan. FHA mortgage rates are low, so it is a great time for potential home buyers to take advantage of the opportunity. Individuals can get a cheap fixed mortgage, which will be very beneficial in these hard financial times.

Even though many experts have predicted that FHA mortgage rates will rise, that has not happened yet, so getting an FHA mortgage is still an excellent investment. If the treasury rate yield keeps dropping, mortgage interest rates will also fall. Therefore, consumers can obtain a cheap fixed mortgage quickly and easily.

FHA loans are not a risk to lenders because if a person defaults on their loan, the lender will still receive their money. Loan requirements with an FHA loan are usually quite a bit more lenient than that of other lenders.

The FHA will inspect the property to make sure that there are no major defects. They will look at the roof, the plumbing, the windows, doors, and many more parts of the home. They will also order an appraisal to verify the worth of the property.

In order to qualify for an FHA loan, the lender normally checks the credit history of the borrower. They will want to determine the risks involved when lending money to an individual will be low. The FHA also usually verifies employment because they want to make sure that a person can make their monthly payments.

One of the main advantages with FHA loans is that they require very little down payment. In addition, an individual can have blemishes on their credit with a high debt-to-income ratio.

FHA mortgage loans can help potential home buyers purchase the home of their dreams at an affordable cost. The Federal Housing Administration has helped millions of people acquire a home, so that they can live comfortably in their dream home.