One of the biggest hurdle in real estate investing is getting the loan. Today, financing for real estate investments account for about 65 percent of the transactions each year. Anyone interested in buying real estate, even borrowers with damaged or imperfect credit can now turn to a reliable company to help them find a loan - Sun Mortgage Funding. Because this funding company has multiple contact with many different lenders, getting Federal Housing Administration loan through them is easy.
Government programs like FHA may be of interest to many real estate investors in Bossier LA. While most of these programs are designed for first-time home buyers, there are ways to take advantage of these special programs for other buyers. These programs have now become a major source for potential investment properties in this city for many buyers. It is imperative that the investor understand the financing availability and choose the right one.
The Federal Housing Administration mortgage loan program allows an investor to buy up to a four-unit property. However, the FHA requires the buyer to reside in one of these units. The good news is, this program will allow the buyer to purchase the property with as little as 3 percent down payment. In addition, the buyer need not have perfect credit score to qualify. Moreover, the income from the units forms the collateral for obtaining the loan.
There are many FHA programs that this company can help with. Another program allows the investor to add $5000 in repairs into the purchase of the desired property. This way the investor can claim up to $15,000 in repairs and renovation. The buyer can also finance other elements of the property, such as a new roof, kitchen upgrade or bathroom remodeling, given that he or she considers the property as primary residence. For an average investor, this type of loan program is a great way to start the first investment property.
There are often other government programs that are available through FHA from time to time. At the beginning of the process of obtaining this loan, this finance company will help you complete the application. In addition to the application, the professionals here will ask you to provide specific documentation. The exact requirements will vary based on the mortgage lender's procedures. For example, one mortgage lender may require you to submit your last pay stub, while another may require that you give 3 months worth of pay stubs. Depending on your situation, you will be given assistance in other areas of the purchase procedure, such as home appraisal, credit report and explanation of the purchase agreement.
Sun Mortgage Funding can help you improve your odds of getting FHA loans approved.