Deciding to buy a house is an exciting adventure. You get to find your dream house and hope you’ll soon get to call it yours. However, before you own your home, you have a long process ahead of you. Being a home buyer is a fun journey, but it comes with many obstacles.
Much of the home buying process is out of your control, too, especially when the topic of loans comes up.
But, navigating loans doesn’t need to be difficult when you have Ace Mortgage Loan Corp. https://www.mortgagescoralsprings.com helping you out.
Our team is here to guide you through the entire mortgage process and explain the various loan options. Among the loan options are FHA loans, and that’s what we’re going to talk about in this article.
What is an FHA Loan?
An FHA loan, otherwise known as a federal housing administration loan, is a loan option for those with low to moderate income who want to borrow money.
Not sure if you qualify for an FHA loan?
An FHA-approved lender, such as Ace Mortgage Loan Corp., can sit down with you and talk the option over.
Our mortgage services in Pompano Beach include help with loans, allowing us to give you an expert opinion. After you meet with us, you will have a better idea of what an FHA loan is and how it might benefit you.
What Types of FHA Loans Are There?
Homebuyers also want to note that there is more than one type of FHA loan. Part of our mortgage services in Pompano Beach is to go over each type of loan option you have. The more you know about each loan, the better you will feel during the home buying process.
The Traditional Mortgage
This option is very simple and straightforward. Think about the typical situation where you finance a home with a loan and apply it to the FHA traditional mortgage loan.
Home Equity Conversion Mortgage
The home equity conversion mortgage loan is for those who need a reverse mortgage. Reverse mortgages are strictly for a specific age group, making most people unable to get this kind of loan. However, if you are 62+ and want to get cash in exchange for equity in your house, this could be the perfect choice for you.
203(k) Mortgage Program
The 203(k) mortgage program is similar to the energy-efficient mortgage program. But, instead of getting help paying for energy-efficient home improvements, it’s for any type of repairs, improvements, or upgrades.
However, homeowners can only receive assistance up to $35,000 worth of home renovations.
Energy Efficient Mortgage Program
The energy-efficient mortgage program isn’t only a loan. It’s also a program that helps homeowners pay for energy-efficient home improvements that keep the utility bills low.
These home improvements are a sound investment for many homeowners; however, they are not always within the budget.
But, they do help you save money in the long term as far as lower electricity bills are concerned. If you know that you want a more energy-efficient home, then this option is ideal for you.
You can make the necessary improvements without having to break the bank.
Section 245(a) Loan
The Section 245(a) loan is another option within the FHA loan. This option is to help those who are expecting to make more money soon but need to keep payments low for right now. With this loan, you start with low payments that increase as time goes on.
The idea is that the homeowner will have more money in the long run and can make these payments even when the payment amount increases.
Contact Ace Mortgage Loan Corp. Today!
Are you in the market to buy a house but need to learn more about your loan options?
An FHA loan is a popular option for those who find themselves in the lower to moderate-income bracket. With the FHA loan options, you can get your dream house regardless of your financial situation.
Additionally, if you already have a mortgage, there are FHA loan options for you to explore. Visit the Ace Mortgage Loan Corp. website to get more information. Or, to learn more about our mortgage services in Pompano Beach, give our team a call at (954) 371-2165.