Tag: purchase a house
Many individuals want to buy a property sooner or later; it is one of the most common life goals. Their choice of homes depends on personal preferences. Every person has their own opinion on how an ideal house should look like. Some people desire a small and cozy one, in a calm neighborhood, where they can relax. Others want a large property, where they can have enough room for every family member.
Those owning a pet, especially if it’s a dog, look for houses with large yards. Dogs need enough space to run freely and to play in. They don’t like small places. Additionally, it is vital to their health. If they don’t get enough physical activity, they tend to get overweight and have joint issues. If you want your dog to stay healthy, and have a long life, make sure you can provide him with a large yard.
When buying a house, most people need to visit a mortgage lender, such as Moreira Team. We all know how expensive homes are, and purchasing them without any help can be difficult. It takes a lot of commitment and patience to save up enough money for this massive investment. Many individuals choose taking out a mortgage loan, rather than waiting for years, sometimes even decades, to collect enough cash for this kind of purchase.
There are many alternatives you can choose from, and one of them is applying for an FHA loan. Federal Housing Administration provides insurance for them, while approved home loan lenders issue them. It is a combination of low down payment, low rates, and flexible guidelines. These are the reasons it is one of the most common choices of many future homeowners today, especially first-time home buyers. Not only you will save money, but also you will be able to qualify for a larger home mortgage. For more information, take a look at Moreira Team FHA Loan.
What is so fantastic about this program is that you can apply even if you had a previous bankruptcy or a foreclosure. However, you need to wait for two years after the discharge date in the first case, as well as three years in the second one. If you were late with payments within a distinct period, and a good payment history the rest of the time, mortgage lenders have the wiggle room overlook that. Your credit score needs to be only 620, compared with most conventional home loan mortgage options that require a score of at least 680.
The down payment when applying for an FHA loan is only 3.5%. It is ideal for individuals who want to buy a house, but don’t have enough money in their budget for this upfront investment. Also, it can be a gift from an employer, a parent, or a relative. Additionally, there is a possibility of asking the seller to pay 6% of the closing costs, which include taxes, prepaid interest, and different fees, such as survey, recording, title search and home loan origination. When applying, the debt-to-income ratio can be up to 43%, as opposed to the conventional alternative, where the maximum is 36%. Home lenders will probably approve your request if you have the 3.5% down payment, steady employment, and if you meet the credit requirements. Your pet will thank you for it.