Yes, lending limits are strict in the Idaho mortgage loan market today. But the government wants you to own a home! The Federal Housing Administration (FHA) has been insuring loans since 1934 to make it possible for people to own a home by allowing lenders to offer a more affordable deal to potential home buyers. Many Idaho residents have given up on the American dream, thinking that with current lending restrictions, they will never qualify for a mortgage. That's simply not true. There are creative financing options that may work for you, and it is still completely possible for the average joe to achieve the American dream of home ownership. Stop throwing your money away every month on rent, and learn how you could still qualify for an FHA loan in Idaho.
With an FHA Mortgage Loan in Idaho, it can be easier for you to qualify for credit. You could purchase a home with a lower down payment - as little as 3.5%! You could even end up with a lower monthly payment, which tends to be the biggest factor in determining if you can afford to own your own home.
FHA backs mortgage loans, making it possible for lenders to ease their tight restrictions because they can be certain they're going to get their money no matter what happens. This government program exists to help those who can't afford huge monthly payments and high interest rates, even with not so perfect credit. Idaho FHA mortgage loans exist in a few different types to meet the needs of buyers with different goals. Whether you're purchasing your first home, investing in a fixer-upper, or even if you're buying a home and want to include the costs of making it more energy-efficient in your mortgage, there is an Idaho FHA mortgage loan designed for you! FHA even has a refinance loan program.
Once you have signed up for the Loan Modification you will be required to pay the government 50% of any equity that is acquired on the value of the property. For example, say in 5 years you decide to sell the house and you have $80,000 in equity. You sell the home, and make $80,000 the government will take $40,000 of that equity at the time of sale. Next say that the loan modification lowered your principal balance by $60,000 you have to show that money as income and will have to pay taxes on it. So basically it is a short term gain long term loss. You no longer have control over your home and will be responsible for the amount discounted on your principal.
The loan modification plan is a last resort in our opinion as you lose the very reason you bought a home in the first place, your investment. We feel there are other programs available that are much better, such as the Refinance Plus and the HASP Phase 2 that is available as of April 15th 2009.Check to see if you qualify for a mortgage refinance or a FHA loan in Idaho.
With an FHA Mortgage Loan in Idaho, it can be easier for you to qualify for credit. You could purchase a home with a lower down payment - as little as 3.5%! You could even end up with a lower monthly payment, which tends to be the biggest factor in determining if you can afford to own your own home.
FHA backs mortgage loans, making it possible for lenders to ease their tight restrictions because they can be certain they're going to get their money no matter what happens. This government program exists to help those who can't afford huge monthly payments and high interest rates, even with not so perfect credit. Idaho FHA mortgage loans exist in a few different types to meet the needs of buyers with different goals. Whether you're purchasing your first home, investing in a fixer-upper, or even if you're buying a home and want to include the costs of making it more energy-efficient in your mortgage, there is an Idaho FHA mortgage loan designed for you! FHA even has a refinance loan program.
Once you have signed up for the Loan Modification you will be required to pay the government 50% of any equity that is acquired on the value of the property. For example, say in 5 years you decide to sell the house and you have $80,000 in equity. You sell the home, and make $80,000 the government will take $40,000 of that equity at the time of sale. Next say that the loan modification lowered your principal balance by $60,000 you have to show that money as income and will have to pay taxes on it. So basically it is a short term gain long term loss. You no longer have control over your home and will be responsible for the amount discounted on your principal.
The loan modification plan is a last resort in our opinion as you lose the very reason you bought a home in the first place, your investment. We feel there are other programs available that are much better, such as the Refinance Plus and the HASP Phase 2 that is available as of April 15th 2009.Check to see if you qualify for a mortgage refinance or a FHA loan in Idaho.
About the Author:
Want to find out more about FHA Loans Idaho, then visit Karen Carter's site on how to choose the best refinance FHA loans Idaho for your needs.
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Unknown - Sunday, September 23, 2012
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