FHA Home Financing
We at FHA
Today would like to tell you more about the
division of our company that works exclusively with bringing our customers specialized
FHA home financing. This type of mortgage is designed to give the customer either
a 15 year or a 30 year house mortgage with a very low down payment. Under the
structure of this loan, the down payment is fixed at 3% of the total amount of
the loan and the interest rates vary from one customer to another.
In order to find out what your interest rate would be, you need to take a
list of factors into consideration. These are the same factors that your loan
officer will investigate when approving your loan and telling you what the specific
terms would be should you accept it. The biggest factors determining the interest
rate are the amount of the loan, the credit score of the borrower, and the property
type.
These factors are often used by banks and lenders to determine
the level of risk that a certain client presents. We at Ameribank
Mortgage use these same factors to determine the interest
rate on your loan. The great thing about FHA home financing
is that even many people with a poor credit history are approved
for this type of loan. This is no coincidence -- this is what
the Federal Housing Administration set out to do when they
started this type of loan more than 70 years ago.
The goal of the program was to increase the quality of housing
in America, and it did so by allowing more and more people
to purchase their own homes. Still in the 21 st century, this
is what is happening through FHAs loan programs. Everyone
from first time homeowners to minority groups are able to
purchase their own houses, something that a lot of clients
believe will not be possible before they talk with one of
our loan officers.
In order to find out the specific terms that a loan for
your family would take on, you need to fill out the basic
application for the FHA home financing loan on our website
at www.fhatoday.com.
Once you have filled out this first application, your information
will be entered into our databases, and you will be contacted
by the loan officer who has been assigned to your family.
Since we believe in personalized service, all of your business
with Ameribank Mortgage will go through this loan officer
so that you get to know the person and build a relationship
with them. He or she will work with you to develop your portfolio,
and help you get an excellent mortgage!
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