In Port Allen, LA, if you've got less than perfect credit, getting a home loan can be tricky business.
Following the recession and the housing credit crunch, many mortgage lenders are still shy about lending to borrowers who aren't a sure bet. If you're one of the millions of Americans who thought their dream of owning a home was now out of reach, there's good news!
The Federal Housing Authority (FHA) is helping back the loans of lower and middle-income families and individuals. FHA loans make it possible for a mortgage lender to invest in homebuyers who might not qualify for a tradition loan. It offers lenders the assurance their investments are backed by the federal government, and homebuyers the benefit of lower rates. These loans are made to those with less than perfect credit, and sometimes even those who've had a bankruptcy or foreclosure in their past.
Not every lender is qualified to handle FHA loans, and if you live in Port Allen, LA, you might feel that your choices are somewhat limited. Fortunately, a locally owned company, Sun Mortgage Funding, is now making a government backed mortgage loan available to you, right in your area.
Even with FHA backed loans, lenders still get to set their own rates and terms when offering them to prospective homebuyers. Your best option is a company like Sun Mortgage Funding because they offer some of the best rates in Louisiana and work with people who have excellent credit ratings and those who, like many of us after the recession, have less than perfect credit or even bankruptcies in their pasts.
Even if you don't think you would qualify for a home loan, it's well worth investigating. Home prices have recently returned to a more reasonable level following the housing bubble collapse, and this means that lenders are taking on less risk when making a loan. When you also consider that lenders can now get the backing of the federal government through its FHA loan program, you start to see a clearer picture of why that home you once thought you'd never own might actually be within your reach.
Sun Mortgage is a great choice because they offer you some free tools to help you get the process of homebuying started, beginning with a free debt analysis that helps you gauge what your costs and expectations should be once you're approved for a loan. Plus, they're a locally owned family business, so you're going to get excellent, caring personal attention and advice.
Don't shy away from reaching your dream, the FHA loan program and Sun Mortgage are finally making it possible for almost anyone in Grant to own a home.