FHA & HARP Loans

The Federal Housing Administration (FHA) is a government agency established with the passing of the National Housing Act of 1943. The main purpose of the FHA was to insure loans made by banks and private lenders for home buying or building. Since its creation, the FHA has insured more than 34 million mortgages. The FHA differs from other government agencies because it is entirely funded by itself, not the tax payers. After the collapse of the housing market in 2008, FHA took over much of the mortgage loans in the United States.

What most don’t understand is that the FHA does not provide the loan for you, they just insure it. This means the lender is protected should you not make the necessary payments. Popular FHA loans require a down payment of 3.5% of the home’s value. Many choose FHA loans because of this low down payment option. Like with any mortgage, it’s important to do your research into what loan works best with you. The professional team at Ace Mortgage Loan Corporation are experts when it comes to helping customers decide on which loan makes the most sense in the long run. Call Ace Mortgage Loan Corporation today for more information about the FHA or any questions regarding a mortgage.

The Home Affordable Refinance Program (HARP) is a federal program established in 2009 to help homeowners whose value of the home is less than the outstanding loan balance. Usually this negative equity is called being “underwater”. HARP is aimed at those who are still making their mortgage payments, but cannot refinance due to low home prices following the financial crisis of 2008.  In almost all cases, appraisals are not necessary. For more information about refinancing with HARP, contact Ace Mortgage Loan Corporation today!

When can I get started?

Are you looking for your very best fit when it comes to mortgages? Whether you’re getting a new mortgage, looking for pre approval, refinancing or you’re starting from scratch, our team at Ace Mortgage Loan Corp. can help. For the very best assistance regarding your home mortgage in Pompano Beach, please call our team at Ace Mortgage Loan Corp. Call (954) 777-4774 today.

Exit mobile version

Contact Us