Current mortgage lending rates are at record lows in Lake Ronkonkoma, New York. Low rates combined with an FHA insured loan are giving qualified home buyers in Lake Ronkonkoma, NY an opportunity to take advantage of the current real estate market. The Mortgage Outlet has some of the best FHA mortgage Rates in New York State. Call us today to see what you quailfy for 631-767-8948
What is FHA? The Federal Housing Administration, generally known as FHA, was created in 1934 and is the largest government insurer of mortgages in the world. The FHA insures that loans made by mortgage brokers such as The Mortgage Outlet, would allow greater flexibility for a home buyer to qualify for a loan. Higher qualifying ratios, less than perfect credit scores and low rates help first-time home buyers and other buyers purchase homes that traditional lenders would not necessarily approve and fund.
What are The Benefits of an FHA Mortgage? Benefits include a lower down payment, higher qualifying ratios and larger loan limits than a typical conventional mortgage. In the Lake Ronkonkoma market, these loan amounts can not be greater than $ 729,750. FHA loans allow buyers to put as little as 3.5% down and allow sellers to help buyers with their closing costs up to to 6% of the sales price. The FHA Loan Program allows those buyers with a troubled credit history to qualify for a loan with a credit score down to a 620.
Relaxed guidelines combined with the present state of the real estate market, have taken the stigma off FHA loans making them much more appealing to many home buyers in the Lake Ronkonkoma market. FHA loans also offer greater flexibility to those buyers who want to own a home, but do not qualify for the strict guidelines of conventional or non-FHA loans.
The Mortgage Outlet specializes in providing a professional and streamlined loan experience to all its borrowers. We have the ability to provide mortgage decisions much faster than larger commercial lenders. Our mortgage rates are second to none in the Lake Ronkonoma real estate market. Every aspect of your loan will be handled quickly and efficiently so you know where you stand throughout the entire process. We take great price in making the loan process as easy as possible for all parities involved.
The Mortgage Outlet is a family owned and operated mortgage brokerage founded in 1987, located in Sayville, New York. As a mortgage broker, we have a variety of lenders from which we can choose giving us greater flexibility in selecting a loan program that best suits your needs. As a small brokerage, The Mortgage Outlet is able to react quickly to the market changes while offering exceptional service and industry leading approval times. For more information contact David Bailey, NMLS # 3458, owner of The Mortgage Outlet, at 631-589-3600. I will review your complete financial position and advise you on what loan programs you will best qualify for.
Current Mortgage Lending Rates at record lows in Lake Ronkonkoma New York