• These mortgages are government-sponsored and government-insured loans that often protect both borrowers and lenders from a variety of problems inherent in real estate lending.
• FHA insurance is for lenders to protect them against default. If a consumer puts less than 20 percent down on a house purchase, this is normally a required insurance.
• Borrowers with a history of mortgage default will face a challenging loan process when attempting to secure a FHA mortgage--it's possible, but greater limitations are imposed
• The FHA places a 29 percent cap on the debt-to-income ratio to qualify for a FHA mortgage loan.
• FHA Home Loan Rates must be given special importance from the borrower side while applying for FHA Home Loan
Among these facts, most of them are very important to apply for VA Loans and fha home loan requirements too.
Thursday, July 23, 2009
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