3 Tips on Getting an FHA Loan

FHA loans are less expensive on the whole than loans not secured by the FHA. They offer other benefits as well, such as fixed rates and lower down payments. If you would like to qualify for an FHA loan, be sure to use these tips.

#1 Do Your Research

There is more than one type of FHA loan mortgage, and you will need to know which option is your best chance at approval. Visit the FHAs website or a local office to determine which program you will be applying for, and ensure you know the requirements for that application.

#2 Buy in a Developing Area

The best loans available go to individuals who are willing to give something back to their local economy. Buying in a location that is still developing can present you with the most affordable options. In fact, grants are available in some unique cases.

#3 Use an FHA Approved Lender

If you get a private loan before applying for your FHA loan guaranty, do so with an FHA approved lender. This means you will only have to fill out one application. Your private lender can automatically approve you for the FHA loan program at their respective organization. You will be spared the extra step and extra hassle.