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FHA Loans For First Time Home Buyers

#FHA #FHALOAN #FHAloanrequirements FHA Mortgage: 3 Things You Need To Know FHA IS FOR OWNER OCCUPIED LOANS ONLY. NOT RENTAL PROPERTIES AND 2nd HOMES #1 FHA has mortgage insurance no matter how much you put down. A lot of people assume that, since with a conventional loan if you put down twenty percent you don’t have mortgage insurance, so with FHA it must be the same. Wrong! FHA requires monthly mortgage insurance regardless of how much you put down. #2 People assume that all lenders charge the same for FHA mortgages, since FHA is a federally insured loan. They assume the government is setting the rates and then lenders just do the loans. No! There are huge price differences with FHA mortgages, depending on what lender you talk to. Please call me, it is one of my favorite loans and I know how competitive we are. Let me show you a second option for a rate. #3 you need to know about FHA is that FHA is a great door opener. I like to use FHA as an example in areas that are high cost. A high cost area would be like San Francisco, Alameda, Contra Costa, and you can’t do 3% up to the conforming high balance limit. You can only go up to the current conforming limit, which is $548,250, with 3% down. But the FHA limit’s can be much higher. That’s a great option, you know, it can be super hard to save money especially since rents are increasing faster than housing prices. FHA can be a really good option there. Another good option is if your credit is less than perfect. With FHA you’re going to have much better monthly payment than a conventional mortgage if you have a low credit score. FHA can be a great mortgage you just want to make sure that you understand that it has mortgage insurance, you shop your rate, and then you know some of the benefits. If you have questions or comments or I can help you out with an FHA mortgage, please feel free to reach out. 707-478-0637 All my best, Jen Jennifer Beeston VP Mortgage Lending @ Guaranteed Rate Mortgage 707-478-0637 www.rate.com/jenniferbeeston www.jenniferbeeston.com/media Licensing and disclaimers: Fun!!!:) Jennifer Beeston NMLS ID:247743; AR - Licensed, CA - CA-DOC247743 - 413 0699, IA - 33839 , IL - 031.0054184, IN - 41478 , KS - LO.0039219, LA - Licensed, ND - NDMLO247743, NY - Licensed, TX - Licensed, WA - MLO-247743 - CL-2611, WI - 247743, WY - 8203 GR NMLS ID #2611 www.nmlsconsumeraccess.org Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, contact Guaranteed Rate for current rates and for more information. All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Guaranteed Rate, Inc. does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Guaranteed Rate, Inc. Guaranteed Rate, Inc. its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action. Jennifer is rated as one of the Top Mortgage Originators in the country!