FHA helps millions of Americans with low down payments
June 06, 2018
FHA goes a long way for helping a lot of people get into their first home with limited funds. With a down payment requirement of only 3.5 percent a lot of people are using FHA financing For their loans. FHA is offered through many sources from Mortgage Brokers to Banks that offer Mortgages. Once you find that dream home and get it under contract . Send it over to the lender of your choice.
Once you have your contract in hand your loan process starts. The FHA appraiser goes out to appraise The property you are purchasing. There will also be an addendum required if you go FHA between the seller and buyer stating the house must appraise for the sales price. It is called the FHA amendatory clause. After the appraisal comes back your lender will put together a package for the underwriter to review. Once under writer has given a clear to close you are ready for the closing. Off to the attorneys Office now, for a title check and closing. Some states have Title Companies that take care of the closings, SC and NC are attorney states. This means an attorney will handle the closing.
Unemployment is down and more people are working. With job stability comes an increase in home buying. If you are thinking about purchasing a new home. Consider FHA it’s a great way to get into a house. And as far as I know Home buying has not gone out of style. You might say it’s just plain stylish. It will be here for a long time and plays an important and vital part in your future.
You might also take a look at the HUDHOMESTORE.COM, that is where FHA sells their Real Estate Owned. On this site you can search, counties, towns or states for properties. There is a lot of information can be found on this site. Including bidding times, property condition reports and much more. You can even give me a call if you like. My name is Constance Finley, Felix Finley Real Estate located in South Carolina and I am PROUD to call myself a local Listing Broker.
