FHA Loans have been around since 1934 and since that time, have offered many consumer benefits. As a current or potential Greenwell Springs, LA resident, these loans can put you in the housing you need quickly and easily.
Current Louisiana homeowners might want to consider FHA Refinance Loans and potential new Louisiana homeowners should consider a traditional FHA loan.
For new home buyers, one of the most well-known benefits that these loans offer is a low down payment. Most of the time approved buyers will only have to put down 3.5% of the total property's value to move in, whereas in most real estate purchases, you typically have to put down 20% or more of the total property's value.
In addition, you can purchase properties comprised of up to four separate units with an FHA loan as well, so these are great for small business investors in the real estate industry looking to expand a local portfolio.
In addition to these well known benefits, there are several more. There are many costs automatically built into or covered by your FHA loan including renovations and energy improvement upgrades. So if you purchase an older, more run down property with the intention of fixing it up and reselling it, the loan will help you do that. In addition, all fees that come along with the closing costs are automatically included in and covered by your loan.
Whether you are interested in a single family home, a one to four unit multifamily property, a mobile home or factory built housing, the FHA has no problem with extending a loan to you, provided your credit is pretty good. You don't have to have exceptional credit though.
In fact, it's best if you don't have really good credit if you are considering a loan like this. If you have good credit, you will save much more money if you just get a loan from a traditional lender because FHA Loan products have additional fees making them more expensive than standard loans.
Sun Mortgage Funding is a mortgage lender you can trust to answer all of your question. They offer many mortgage loan products and will help you figure out if an FHA loan is best for you, or if another option would save you money and serve you better in the long run.
Sun Mortgage is a locally owned company with a positive rating with the National Better Business Bureau; and no matter what your situation is credit-wise and financially, they will try to find some sort of mortgage product to meet your needs. If they cannot find a mortgage product that you can qualify for, to get you into the property of your choosing, they will give you guidance on the changes that you can make over time to improve your borrower profile and secure the funding you need as soon as possible.