Why choose an FHA-insured loan?
There are lots of good reasons to choose an FHA-insured loan, especially if one or more of the following apply to you:
If any of these things describe you, then an FHA-insured loan may be right for you.
FHA-insured loans have competitive interest rates because the federal government insures the loans for lenders. FHA-insured loans have a low 3.5% down payment and the money can come from a family member, employer or charitable organization as a gift. Because FHA insures your mortgage, lenders may be more willing to give you loan terms that make it easier for you to qualify.
You may use an FHA-insured mortgage to purchase or refinance a new or existing 1- to 4-unit home, a condominium or a manufactured or mobile home (provided it is on a permanent foundation).
What kinds of insured loans does FHA offer?
The FHA, Federal Housing Administration, has been helping people since 1934. FHA insures loans for lenders against defaults - it does not lend money or set interest rates. Alaska USA Mortgage Company is an FHA-approved lender. Contact an Alaska USA Mortgage Originator today for more information.
Once you have met with a loan originator and reviewed the variety of loan options, you can move forward and get prequalified. Your loan originator will review your credit report and explain how your credit affects your borrowing power.
Your loan originator will give you a list of documents that you need to bring in to be reviewed by local underwriters. Common documents requested are:
Alaska USA may ask for additional items that are required based on the specific loan that you choose based on your financial status or situation.
Don't forget, the choice is yours when it comes to selecting the title and escrow agency, acting as the neutral party for you and the seller.