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Facts about FHA Loans

Federal Housing Administration loans are insured by the FHA and borrowers pay for that insurance along with the monthly installments on the mortgage. This insurance protects the lender from a loss if the borrower defaults on the payments. Due to the security of FHA insurance, Mortgage Bankers offer these loans at attractive interest rates and flexible qualification requirements.<br>http://www.awmlending.com/loans-FHA.php

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Facts about FHA Loans

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  1. All Western Mortgage Facts about FHA Loans

  2. Facts about FHA Loans FHA loansare extremely popular with the borrowers due to lower down-payment requirements and less rigorous lending standards. Federal Housing Administration loans are insured by the FHA and borrowers pay for that insurance along with the monthly installments on the mortgage. This insurance protects the lender from a loss if the borrower defaults on the payments. Due to the security of FHA insurance, Mortgage Bankers offer these loans at attractive interest rates and flexible qualification requirements.

  3. Here are some facts about FHA home loans that you should be aware of: • Credit score is not important: Minimum credit score requirement with these loans depend upon the type of loan the borrower needs and down-payment. But, even with a minimum credit score of 500, borrowers can secure a FHA loan.

  4. Minimum down-payment required is 3.5%: Yes, you read that right. Even with a down-payment as low as 3.5%, you can get a FHA insured loan.

  5. Closing costs may get covered: FHA allows lenders, sellers and builders to pay some of the closing costs, which are otherwise borne by the borrower. Sellers may offer to pay closing costs as an incentive to the borrower or even mortgage lenders can do the same by slightly increasing the interest rate.

  6. Only FHA approved lenders can provide these loans: If you want an FHA insured loan then the lender must also be FHA approved, like All Western Mortgage.

  7. An FHA loan is accompanied by 2 part mortgage insurance: A borrower has to pay two mortgage insurance premiums. The upfront premium is 1.75% of the loan amount and the annual premium needs to be paid monthly along with the installments.

  8. Borrow cash for home repairs: FHA allows homeowners to borrow extra cash to make repairs to their homes.

  9. Financial hardship relief: FHA allows temporary relief to borrowers who have suffered severe financial hardship in the form of loan modifications.

  10. All Western Mortgage is an FHA approved mortgage lending company which will be happy to provide you a loan that suits your financial needs. Call us on 702-850-2790 or visit our website - http://www.awmlending.com/loans-FHA.php for more info.

  11. All Western Mortgage Contact Us: Address: 8345 W Sunset Rd, Suite 380 Las Vegas, NV  89113 Phone: 702-850-2790 Corporate: 702-369-0905 Fax: 702-906-0153 E-mail: info@awmlending.com Website: http://www.awmlending.com/

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