We at FHA
Today would like to introduce to you our
FHA loan department that deals exclusively with this type of mortgage from the
Federal Housing Administration. Begun more than 70 years ago, this type of housing
mortgage is especially attractive to those who are purchasing their first home.
People who are purchasing a first home are generally quite
young, and therefore need a little bit of a break when it
comes to getting an approved mortgage. Young people with a
short credit history are often turned away from banks because
they don't have enough of a reputation on which to base the
approval of their mortgage. Of course, there are also some
young people who already have a credit history. However, when
it is a poor credit history, this can damage one’s chances
of getting approved for a mortgage.
What makes FHA loan processing different is, instead of
refusing a mortgage to someone with a short or a poor credit
history, these folks are given a slightly higher interest
rate on their fixed-rate mortgage. How it works is by looking
at each potential borrower's credit history. Based on the
score one receives on a basic credit score, there are tiers
for adding and subtracting percentage points from the interest
rate based on the score. Not only do people with lower credit
scores get higher interest rates, interest rates are also
lowered for people who have very high credit scores.
There are other factors that influence the interest rate of an FHA loan.
Some of the most important factors are whether or not there is a co-borrower
on the loan (who is a not living in the house) and what the total borrowing amount
will be. The type of home is also considered, as manufactured homes sometimes
have a higher interest rate according to the interest rate tables.
If you would like to be considered for this special type
of mortgage, you can find out much more about it on our website
Feel free to also contact our agents directly through the
website. If you like what you see, you can fill out the first
application online and you will be contacted within a short
amount of time by one of our FHA loan processing agents. This
agent will be your contact person at FhaToday.com and will
take care of all of your questions. If you are pre-approved,
your agent will walk you through your specific mortgage options.
If you are not pre-approved, your agent will give you advice
on improving your profile in order to get approved in the