Owning your own home is a major part of living the American dream. For many years, getting qualified people into their own homes has been a big concern of the government. One of the ways that they can help to accomplish this is by issuing FHA loans. FHA loans are government backed loans, insured by the Federal Housing Authority.
Private lenders are the ones that fund the loans, and the Federal Housing Authority backs the loan in the event that there is a default. Since the government is there to insure the loan in case you default on your loan payments, there are very minimum qualifications for acquiring this type of loan. There are many different ways for you to get an FHA home loan in Pittsburgh PA, though some of the various lenders do offer their own guidelines and standards for qualifying for this loan. Minimum credit scores is just one of the ways that lenders can impose their own qualifications, but most will still follow the guidelines set out by the FHA for handling their loans.
Acquiring a Federal Housing Authority home loan can be a very good thing for many different reasons. FHA loans can offer you a lower down payment than most of the usual home loans provide. Normal loans can require as much as 10% of the total loan as a down payment, while HFA loans usually require little more than 3% which is extremely beneficial to people in certain income situations. FHA loans also require lower monthly mortgage insurance. Usually, the monthly fees paid for mortgage insurance is much lower with an FHA loan compared to a traditional one. You can also find much better interest rates with an FHA loan. FHA loan rates are typically very competitive when compared to traditional ones.
If you are looking to find a way to get an FHA home loan in Pittsburgh, PA you may want to contact Sky Financial services. They offer many services to help their clients get the best possible home loans at the lowest rates. Next time you are shopping for a new home, give them a call. They can take care of you and get you into the home of your dreams.
