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Top 12 Benefits to the FHA Mortgage
Whether you are buying or refinancing your home, the FHA mortgage maybe the best option for you. Here are the top 12 Benefits of the FHA Loan:
1. Low Interest Rates- FHA Mortgages tend to have lower rates than Conventional loans. As an example if the FHA interest rate today is 3.75% than most likely the conventional loan rate is 4% or higher
2. Lower Credit Scores- FHA Loans will allow lower credit scores than a Conventional Loan. On a FHA Loan it is possible to get approved with a fico score as low as 580
3. FHA Loans are assumable- This means that sometime in the future you could sell your home and that buyer could take over your FHA mortgage. I believe that in the future there will be a benefit to this based on rates never being this low again. So if you are selling your home and they can assume a rate of 3.75%, that would be much better than your neighbor selling their home and the buyer having to get a new mortgage with a much higher rate. And that buyer assuming your mortgage could be an advantage when selling your home.
4. Deferred Student ... more
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