Sun Mortgage Funding – a local mortgage company serving Jefferson Davis LA – offers many options for home buyers. Just one of the many options provided by this mortgage lender are FHA loans. An FHA loan is a loan offered by a bank or lending company that is insured by the Federal Housing Administration.
These loans come with several benefits. For the lender, FHA insures the loan and minimizes the risk to the lender should the buyer default. This enables lenders to allow new or first-time home buyers to make a smaller down payment. The down payment with these types of loans can be as little as 3.5 percent as opposed to the required 20 percent in a traditional mortgage loan. This makes the initial purchase more affordable and within reach for most budgets. Another benefit is that buyers do not need a perfect credit history to purchase a home with an FHA loan. Even in cases of bankruptcy or foreclosure, would-be homeowners may still be approved when meeting certain criteria. Almost anyone can qualify for these loans.
These loans are available to all home buyers. There are no income limits on these types of loans. These loans are appropriate for home buyers looking for a better fixed rate interest. This offers a more stable house payment for those on a budget. Also, with these types of loans, mortgage insurance is rolled into the loan. This means mortgage insurance is paid as part of the mortgage rather than out-of-pocket. Finally, some of these loans are assumable. This can be a great asset in certain selling situations. With an assumable loan, the new buyer can simply take over making payments, and just like that, the seller is free of the mortgage debt.
This company is the premier mortgage lender for those searching for FHA loans in Jefferson Davis LA. This company is local, and therefore has a unique edge on the competition. Being from Louisiana, Sun Mortgage knows the area and customers better than anyone. Getting a home loan for the first time can be overwhelming, but not at Sun Mortgage. Paperwork and applications will be handled by a qualified professional, so applicants can trust that the process will be painless. This trusted company is dedicated to working with each individual home buyer to find the right loan, with the right terms. This company has over 50 years of experience in mortgage lending and the professional staff are ready to work with all situations to find the perfect home loan. Find the perfect mortgage loan at Sun Mortgage Funding.