As everyone knows tough economic times are upon us, and it doesn’t look like it will change any time soon. This is mainly due to the housing crash caused by sub-prime mortgages. A crash that has caused the credit markets to tighten up, and has made qualifying for an affordable mortgage much harder. Perspective home-buyers are now sitting on the fence, because they can’t afford the higher down payments lenders are requiring. One way around this is getting qualified for an FHA loan, a loan that is insured by the government. FHA loans are beneficial because you can normally get approved for a home mortgage with a minimum of 3.5% down. Approval is determined by an individuals credit score and other income factors. Please contact a mortgage broker or your financial institution on obtaining a FHA loan.
Call Archwood Properties at 214-923-0261 with any real estate questions in the DFW area.
Follow the link below for a story on FHA loans by Les Christie a staff writer for CNNMoney.com.