When you start shopping for a car, you might be more concerned with additional features and specialty paint jobs than you are about the monthly bill. Unfortunately, the wrong financing can cost you dearly. Compound interest never sleeps, which means that you might be paying much more than you should if you work with the wrong lender. I want to help you to make great financial decisions, which is why I created this website. However, if you can remember a few tricks and keep those payments to a minimum, you can drive away with the car of your dreams without breaking the bank.
If you are planning on purchasing a home, then you may be at the point where you are trying to figure out which type of loan may be the best choice for you. One type of home loan that you may run across is an FHA loan. Many people find that this type of loan is the one that works out the best for them. Here are some of the questions a lot of people have about FHA loans, as well as the answers to them:
Are there occupancy requirements when you use an FHA loan?
Yes, when you use ah FHA home loan to purchase your home, you will be expected to use that home as your primary residence. However, you won't have to do this forever, the residency requirement only dictates that you must use the property funded with the use of an FHA loan for one year. After that one year is up, then you can feel free to live at another address and you can rent the home out, use it as a vacation home or do what you wish with it.
Are FHA home loans hard to get?
No, in fact, FHA home loans are actually considered to be one of the easier home loans for people to qualify for. One of the reasons many people consider them easy to qualify for is because they only require a low down payment which is just 3.5 percent of the sales price of the home. Another reason so many find FHA loans so easy to get is because they are more forgiving than many of the other types of loans when it comes to the buyer's credit scores.
Are there income requirements that must be met for FHA loans?
No, you won't need to have a minimum income or a maximum income in order for you to qualify for an FHA loan. This means that just about anyone can try for this type of home loan, whether they are considered to have an income that would be considered low or high. The one thing to remember regarding incomes and loans, is they will always want to see that you will be able to keep up with the mortgage before they approve you for any loan.
Can you get two FHA loans in a row?
Yes, once you sell your current FHA purchased home and have paid off the balance due, you can go ahead and purchase your next home with another FHA loan. Contact a company, like NRL Mortgage LLC, for more help.
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