PenFed Commercial Credit Union - FHA Mortgage Benefits Spot

PenFed Credit Union - FHA Mortgage BenefitsA PenFed FHA Loan provides a great interest rate along with money-saving benefits before, while, and long after you buy. This government-backed loan requires has less stringent credit guidelines compared to conventional mortgages - making it ideal for first-time homebuyers.0:00 [Music]0:07 could an FHA loan be right for you an0:10 FHA loan is a mortgage insured by the0:12 federal housing Administration and0:14 provided by an approved lender FHA Loans0:18 have made home ownership possible for0:19 millions of families here are some0:22 reasons why an FHA is an excellent0:24 choice and might be right for0:26 you you may need quite a bit of cash on0:29 hand when you purchase your home many0:31 lenders prefer that you put as much as0:32 20% down to get the lowest rate but an0:35 FHA loan may offer a low rate with much0:38 less Upfront for example as little as0:41 3.5% down closing cost and fees are0:44 other common upfront expenses with an0:47 FHA loan you can pay a slightly higher0:49 interest rate in exchange for a credit0:51 to help cover closing costs you can also0:54 negotiate with a seller to have them pay0:56 up to 6% of the purchase price towards0:58 closing cost and prepaid expenses such1:00 as real estate taxes and Hazard1:03 Insurance the credit score requirements1:06 for FHA Loans are lower than for1:08 conventional loans you can even apply1:10 for an FHA loan 2 years after a1:12 bankruptcy or 3 years after a1:15 foreclosure much shorter waiting periods1:17 than with conventional1:19 loans FHA Loans typically offer low1:22 rates in general and an FHA loan will1:24 almost always be the lowest rate if your1:26 credit score is less than1:28 680 your debt to income ratio or DTI is1:32 the percentage of your monthly income1:34 that goes toward your loan and credit1:36 expenses with an FHA loan your DTI can1:39 be 43% or more in addition FHA allows a1:44 family member or close friend to co-sign1:46 your loan even if they won't be living1:48 with you their debt and income will be1:50 included in calculating your DTI1:52 percentage as you can see FHA Loans are1:55 designed to put home ownership in1:57 reach to find out more about PenFed FHA2:01 Loans visit penfed.org sfha

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PenFed Commercial Credit Union - FHA Mortgage Benefits Spot

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