Homes That Qualify For FHA Financing In Lafayette La
One of the trickiest pieces to the home buying puzzle is the down payment. With the costs we all face day to day, saving 20-30% for a down payment can be tough. Luckily for Lafayette, La home buyers there are some low down payment loan programs available.
FHA loans are insured by the Federal Housing Association. Such loan products are popular with Lafayette Buyers for a variety of reasons
- Low Down payment-- Thanks to the FHA loans, buyers can get into the Lafayette La real estate market for as little as 3.5 percent down. On a 150k loan, 5,250.00 dollars would be needed. That's less than some people put down to purchase a car!
- The applicant's credit need not be perfect--Given the economy the last 5-10 years, many consumers lack excellent credit. The FHA loan allows Lafayette La home buyers with less than perfect credit purchase a home. How low can they go? Contact us today for a free referral to a great Lafayette La mortgage broker or bank.
- The protection of a home appraisal-- Don't want to over pay for your next Lafayette La home? Relax! The FHA loan is normally subject to a professional home appraisal. If the value does not meet the purchase price, the Lafayette La home buyer can put the brakes on the transaction.
- A wider range of properties-- FHA loans allow the buyer to pursue properties inside the city limits. Whereas 100% Rural Development Loans have geographic restrictions. Less competition may mean better terms for the Lafayette La home buyer.
Tips For Using An FHA Loan in Lafayette La
- Get pre-approved prior to touring homes-- Lafayette La mortgage brokers will run your credit, verify income, and tackle any lending red flags upfront. This way, when you find the right home you are ready to bid!
- Pay attention to the home's condition-- Peeling paint, missing fixtures, torn/worn carpet can cause appraisal issues.
- Hire A Lafayette REALTOR who understands FHA loans-- An agent who can spot potential problems early on can save the home buyer time and headaches.
Ready to tour homes in Lafayette La that should qualify for FHA loans? Search Lafayette Real Estate today! Prefer to talk on the phone? Doug Rogers (318) 613-1994 is one call away!
A Closer Look at The Lafayette La Real Estate Market