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DE FHA Mortgages can make dreams of home ownership a reality!

By
Mortgage and Lending with Stonebridge Mortgage

Prospective home buyers in Delaware need not relinquish the dream of owning a home even with a limited down payment or poor credit.

The Federal Housing Administration (FHA), an arm of the US Department of Housing and Urban Development, (HUD), facilitates securing home loans and mortgages by insuring loans obtained through an approved lender.

DE FHA Mortgages, sometimes called ‘government mortgages,’ make perfect marriages between homeowners and lending institutions, since both reap the benefits of the union. A DE FHA Mortgage makes it possible to purchase or refinance a home and assists homeowners in the upkeep of their investment. While a new homeowner’s loan generally necessitates a substantial down payment, DE FHA Mortgage loans involve a lesser amount, increasing the likelihood that single or multifamily homes can be purchased by interested buyers.

Although household income and payment ratios must be figured when applying for these mortgage loans, a good credit rating, regular employment and demonstrations that the applicant(s) can make steady payments are important factors that lead to loan approval.

DE FHA Mortgages are financed through approved lenders in the state. Mortgage insurance built into the loan assures the lender that the loan amount will be paid by the FHA if the borrower is unable to make the required payments. A DE FHA Mortgage loan includes the usual fees associated with buying a home.

Preparation, inspection and appraisal costs, along with closing costs, are among the many charges that add to the loan amount. Be aware of these additional expenditures, since they affect the amount of the loan and the monthly payments. Calculating the amount of the loan and configuring the total costs and payments can take time, but are necessary to complete the total picture of initial outlay and monthly payments.

New minimum and maximum loan limits have been established by the FHA as a result of the Economic Stimulus Act of 2008. DE FHA Mortgage limits can be obtained by contacting local HUD offices.

In addition, a “…fair and flexible premium pricing structure…” * instituted by the FHA, will be in effect July 14, 2008 and will assist current homeowners who are struggling during the economic crisis.

At Stonebridge Mortgage, our knowledgeable staff aims to help you in finding the best financing options for your situation. Visit us online at www.stonebridgemortgage.com where we are available 24/7 to assist you.

Comments (1)

Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

Welcome back to ActiveRain!

    Much has changed since your last visit to ActiveRain.  I encourage you to take another look at the website. 

    Surf some blogs, leave some comments.  Better yet, post a Blog.

    Best to you!

Oct 05, 2015 10:49 AM