An FHA loan is a mortgage insured by the Federal Housing Administration. The Federal Housing Administration is a government agency within the U.S Department of Housing and Urban Development. Borrowers who receive FHA loans pay for mortgage insurance. This insurance protects the lender in case the borrower were to default on their loan.
Because of this mortgage insurance, lenders can and most often do offer FHA loans with attractive interest rates and more flexible requirements for qualification.
Here are few facts all buyers should know about FHA loans:
Less than perfect credit is okay. Each borrowers creditworthiness is considered in context.
Minimum down payment is 3.5%. This is a fraction of the percentage required on most home loans. Borrowers can use their savings as a down payment. Other forms of payment are allowed such as money from a family member as a gift or grants.
Closing costs may be covered. The FHA allows home sellers, builders and lenders to pay some of the borrower's closing costs. If the the lender does pay closing costs, the interest rate of the loan is typically higher.
Irmo, Chapin & Lake Murray Real Estate – Carl McClure. We here at Exit Midlands Realty are committed to helping you with your real estate needs
in Columbia, SC and surrounding areas. Buying or selling is a big
decision and should be a smooth transaction. I will guide you through
the process with skill and patience. Thanks for the opportunity to prove
it. Call me today. 803-331-3224
Author:Gready Frazier Phone: 803-924-5785 Dated: March 11th 2014 Views: 2,141 About Gready: I am a licensed Real Estate Broker with over 15 years experience of real estate sales in the Columb...
Chapin, SC is known as "The Capital of Lake Murray" and with good reason. The residents of Chapin enjoy a relaxed lifestyle with the convenience of the city. Columbia, SC is just a quick 20 minute drive and shopping is even closer.You are embarking on an exciting journey, be sure that you find agents that will take time and share your enthusiasm during this process.
EXIT Midlands Realty is a full service real estate firm dedicated to assisting our clients with the purchase and sale of real estate in the Greater Columbia Area. We were founded in 2005 and quickly grew into one of the most innovative and knowledgeable firms in and around Columbia. Our staff is made up of full time professional agents that are dedicated to the profession of listing and selling real estate.
Call one of our experienced agents to assist you with your real estate needs. It would be an honor to work with you.
Prosperity is composed of several 100-year old homes that have been ha
""I was referred to Steve in the late part of 2015 from a co-worker that bought a house and at the time I was mentally ready to buy but my credit scores/budget was not. I called Steve back in 2015 to get information which he gave me some financial companies to try but at that time I could not get the financial approval. I told Steve at that time that I needed to work on my credit scores and I will call him back. Again this was 2015…. Thinking that I would never hear from him again since I was not prepared, Steve continued to call me every few months to check on the status of my situation and he continued to give me feedback, general information and tips along the way. Not only was I a single parent with a poor credit score, but I had faced some other challenges such as 2 surgeries in 2016 and a job layoff. Thankfully, through all of this, I continued to payoff credit cards and work on my credit score and finally in July of 2017, I got the approval I needed to purchase my very first home. And of course, the first person I called was Steve! Let’s face it, relationships don’t even last as long as the relationship Steve and I established in finding my 1st home. The customer service and communication that Steve provided is rare in this day and age. Thankfully I closed on my very first house 2 weeks ago and I am overjoyed with excitement that I am able to provide a home for my child. Steve was with me every step of a way and is a testimony for others out there looking to acquire home ownership or for the ones that feel it will never happen. I would recommend Steve Slavich with the Exit Realty team any day and will continue to place my trust in him for any future real estate endeavors that I may embark upon. Thanks Steve!""