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Top 5 Reasons to Consider An FHA Mortgage

Larry Bettag of Cherry Creek Mortgage shares tips on why to consider an FHA Mortgage. Interest Rates are still very good - thinking of buying? Want to know more? Give me a call - 440-309-5209 if you are in the North Central Ohio Area.
There are many things that people should know about FHA loans. They're great for a variety of reasons, but I'm going to give you my list of favorite reasons for considering and FHA mortgage.
First time homebuyers can generally come in with less of a downpayment. Truthfully, conforming or conventional loans generally want 5% down. FHA loans only need 3.5% down. How cool is that? The entire downpayment for an FHA loan can be in the form of a gift. There are gift restrictions as to who can give you a gift, but generally, if you're related, you can help someone out by gifting them the entire downpayment and closing costs. Borrowers can put zero of their own money into the transaction. You know that with conventional loans no matter what the borrower needs to put 5% of the purchase price into the transaction, unless the borrower were to receive a gift of at least twenty (yes ... more

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