Make Closing Costs as Affordable as Possible With an Fha Loan
Free Online Articles Directory
Why Submit Articles?
Top Authors
Top Articles
FAQ
ABAnswers
0 && $.browser.msie ) {
var ie_version = parseInt($.browser.version);
if(ie_version Login
Register
Hello
My Home
Sign Out
Email
Password
Remember me?
Lost Password?
Home Page > Finance > Mortgage > Make Closing Costs as Affordable as Possible With an Fha Loan
Make Closing Costs as Affordable as Possible With an Fha Loan
Posted: May 10, 2008 |Comments: 0
| Views: 865 |
]]>
Many people want to buy a home but between the down payment and the closing costs many people just cannot afford to buy a home. It is something that has plagued the home loan industry for years, but when you have an FHA loan you will find that you can pay very little to get into your dream home. With a loan that is insured by the Federal Housing Administration you have several things on your side that make the process of getting into a new home more affordable. When you look into this type of loan you may find that you can spend as little as a month or two of rent to get into your new home, or less!
Step into Your New Home Affordably with an FHA Loan
With an FHA loan you will find that you don’t have to pay as much in closing costs as you would if you were closing with a conventional loan. Why is this? It’s simple, actually. With an FHA loan there are restrictions and limits on what sort of costs can be added into the closing costs. What this means is that the lender, the broker, and the realtor do not have carte blanch to charge you for anything and everything that they can think of so they can make more money off of your purchase. Instead, they have to keep things honest and legit and the restrictions and limitations ensure that you are only paying what you are obligated to pay, and nothing more. These limitations can help you reduce closing costs from the tens of thousands of dollars to just two or three thousand dollars!
In addition to the limitations on closing costs, the FHA also allows for the seller to contribute as much as six percent to the borrowers closing costs. What this means is that if you are working with a seller who really wants to sell their home and they want to make it as quick and painless as possible, they can kick in some of their profits and help you pay for the closing costs. So, if you had closing costs of $6,500 and the seller wanted to contribute six percent of the costs on a $100,000 home they would be paying $6,000 of your closing costs so you would only need to pay $500 in closing costs. Many buyers will not contribute this much but they will offer four or four and a half percent or something like that.
What is different about this is that when you are working with a conventional loan the seller is limited to contributing 3% to the borrowers closing costs. You would be surprised how many sellers are willing to contribute more than the 3% to the buyer when they are able because they just want to get the home sold and they want to be done with the whole process of selling their home. Being able to accept these contributions of more than 3% from the seller can help to make the purchase of a new home much more affordable for the average home buyer. The difference between the three and six percent is $3,000 and at the end of the day that is a lot of money when you are trying to keep the costs of your FHA loan to a minimum.
Retrieved from “http://www.articlesbase.com/mortgage-articles/make-closing-costs-as-affordable-as-possible-with-an-fha-loan-410187.html”
(ArticlesBase SC #410187)
Submit articles to Articlesbase.com, and watch your traffic increase. Click here to make it happen.
Liked this article? Click here to publish it on your website or blog, it’s free and easy!
IC -
About the Author:
To get more information about a FHA home loan and how they could help you make your closing costs very affordable, visit our site at: http://www.refinance.com/
]]>
Questions and Answers
Ask our experts your Mortgage related questions here…
200 Characters left
What are the closing costs on a fha loan ?
What are the current fha loan rates ?
What is the current fha loan rate for a 203k loan (not streamlined) or a range if it is not a set number
Rate this Article
vote(s)
0 vote(s)
Feedback
RSS
Print
Email
Re-Publish
Article Tags:
closing costs, loan, mortgage, fha loans
Latest Mortgage Articles
More from IC
Learn about Mortgage Rates and Points
Video explains with examples why mortgage points matter. Points are what actually move each business day since the actual rate is always available. It’s just a matter of how much it will cost you to obtain the rate. The video tutorial also publicizes a new daily real-time mortgage rate alert service for home buyers and those refinancing their current mortgage. (02:19)
Home Loan Mortgage Choices for your Next Home
Know the mortgage home loan choices before you get your next mortgage loan (04:20)
How to Decide On Loan Modification or Other Choices
Learn how to choose the best possibilty when in financial difficulty as a home owner. (02:46)
Khan Academy Presents: Simple example of borrowing from equity to fuel consumption (08:36)
Whether you’re buying a home, refinancing your current home or consolidating debt there is a mortgage loan for you regardless of your past credit history. Options are available for borrowers with credit scores as low as 350! (05:25)
The Hows and the Whys of FHA Loans
So you don’t have enough financial strength but would still like to own your own home? There’s no need to worry. The government provides loan schemes that do not require you to produce too many documents and do not question your monetary background too much. These are called FHA loans.
By:
Khieng Chhol
Writing>
Non-Fictionl
Jun 10, 2006
lViews: 233
Fha Loans Lower Fees And Raise Acceptance
FHA mortgage insurance programs assist low and moderate income families become homeowners by lowering some of the costs of their residential mortgage loans. FHA loans encourage mortgage companies to make loans to otherwise creditworthy borrowers and projects that might not be able to meet conventional underwriting requirements by protecting the…
By:
Gary Carraghanl
Finance>
Real Estatel
Jan 14, 2007
lViews: 217
Refinance Your High Rate Subprime Loan To FHA
There are a number of homeowners who currently have a high interest rate subprime mortgage loan. Now may be the time to refinance into a lower rate FHA mortgage loan.
.
By:
Bill Wehrl
Financel
Mar 04, 2006
lViews: 373
How To Get Help From FHA And Refinance A Home Loan With Bad Credit
The US Federal Housing Administration offers loans that enable individuals to acquire a home with a down payment as low as 3% – a percentage comparatively lower than most limits for regular loans.
By:
Emanuele Allentil
Finance>
Debt Consolidationl
Jan 18, 2006
lViews: 425
Costs of FHA Mortgage Insurance
Find out more about FHA Mortgage Insurance and why it’s required on FHA loans.
By:
Daniel Rileyl
Finance>
Mortgagel
Nov 22, 2007
Fha Mortgage Loans and How They Work to your Advantage
Low-income and/or bad credit borrowers often find that FHA mortgage loans are their best best. Find out why that is and learn exactly what these mortgage loans are all about.
By:
Josh Spauldingl
Finance>
Mortgagel
Dec 31, 2007
Some factors to consider when choosing from the different home loan programs. Your current financial situation, do you expect this situation to change? How comfortable are you with a changing mortgage payment? A fixed rate mortgage can save you thousands in interest over the period of the loan, but it will also give you higher monthly mortgage rates. An adjustable rate will start you out with lower monthly payments but you could face higher monthly payments if the rates change.
By:
Shana Shanel
Financel
Oct 04, 2006
lViews: 306
All of these FHA mortgage loan programs can help new or existing home owners to get good deals with lenders
By:
Peter Kennyl
Financel
Oct 13, 2007
How Legacy Can Help One Concerned Couple Realize Their Retirement Goals
A concerned wife wrote to a nationally syndicated columnist last week asking for advice on how here and her husband can realize their retirement goals with a reverse mortgage.
By:
Andrew Caseyl
Finance>
Mortgagel
Mar 22, 2011
Home Mortgage Refinance for bad credit is possible
The financial crisis due to the economic recession in USA has made many Americans to lose their homes.
By:
parthl
Finance>
Mortgagel
Mar 22, 2011
Advance Loans Online: Apply for aid through net
New technology has made each and everything easy and simple. Now to avil aid that too at the time of finical crisis with an ease is a simple method. To avil this aid you need to fill online application and lender will transfer the amount into your account in short duration.
By:
Farah Nickl
Finance>
Mortgagel
Mar 21, 2011
A mortgage is an agreement to give up an interest in something if you fail to perform some duty. There are several types of Mortgage loans which are Fixed Rate Mortgage, Adjustable Rate of Mortgage, Jumbo Mortgage, Equity mortgage finance, Convertible Adjustable Mortgage, Blanket mortgage, lease purchased mortgage, Shared Appreciation mortgage, balloon mortgage, Graduated payment mortgage and Sub Prime mortgage etc.
By:
Umair Alil
Finance>
Mortgagel
Mar 21, 2011
Mortgage Servicer Giant Litton Loans is calling it a day
Goldman Sachs who owns Litton Loan servicing may be looking to sell the mortgage division, before things get to hot with new rules and regulations. However, it may be a tough sell due to the state and federal investigation and possible fines and regulatory issues.
By:
Professor Loan Modl
Finance>
Mortgagel
Mar 21, 2011
3 Top Refinancing Mortgage Tips
Most people will tend to look at refinancing mortgage options when they find that they aren’t able to cope with the rates of interest that they currently have to pay. However one shouldn’t rush into looking at using this as a way of sorting out any financial difficulties that you are faced with. It is worth actually doing some research beforehand. Below are a few refinancing mortgage tips.
By:
Naomi Smithl
Finance>
Mortgagel
Mar 21, 2011
Low Income Mortgages for Union County Buyers
Although the region is seeing a healthier increase in wages than most other parts of New Jersey, many residents in Union County still rely on low income mortgage loans to procure credit for housing. When weighing their options for low income mortgage loans, Union County residents must first determine whether or not they could make the leap to a typical loan agreement.
By:
jv digital medial
Finance>
Mortgagel
Mar 21, 2011
Refinancing Mortgage in Foreclosure
We have heard in recent months about the number of people whose financial problems have been so bad that their homes have been repossessed. However if you find yourself close to this situation then now may be the time to considering taking out a refinancing mortgage in foreclosure.
By:
Naomi Smithl
Finance>
Mortgagel
Mar 21, 2011
Choosing a Web Development Supplier
Web development relates to the creation of function rich web sites for the internet. Web development differs from web design in that it creates a more user interactive web experience.
By:
ICl
Law>
Internet Lawl
Jul 11, 2008
lViews: 109
Helpful Foods Vitamins and Minerals Which Help You Keep Your Teeth Healthy
Maintaining a beautiful and healthy smile often requires a lot of work, a person needs to maintain good health habits which will prevent the formation of bacteria which causes tooth decay, cavities and other complications but…
By:
ICl
Health>
Dental Carel
Jul 10, 2008
lViews: 3,822
lComments: 1
A Visit to the Dentist Can Save More Than Your Smile
Meet Sally Higgins, a 36-year-old banker who resides in Salt Lake City, Utah — Sally’s life was going perfectly until her tooth started to complicate things, as most people would do Sally decided that it was just …
By:
ICl
Health>
Dental Carel
Jul 10, 2008
lViews: 318
Getting Informed About the Different Types of Dental Braces
When it comes to dental braces there are many types which you need to be aware of in order to make an educated decision after your dentist gives you your options.
By:
ICl
Health>
Dental Carel
Jul 10, 2008
lViews: 507
Natural Ways to Have Beautiful Looking Teeth
Getting a beautiful smile is definitely in everyone’s plan, some people will not go through with it because of the fact that once they think dentist they think money but the fact of the matter is that with natural and absolutely cheap…
By:
ICl
Health>
Dental Carel
Jul 09, 2008
lViews: 994
Top 3 Benefits That Invisalign Aligners Provide
When it comes to orthodontic procedures which are meant to correct misaligned teeth in order to attain a proper occlusion the use of braces is the number one choice amongst orthodontists and patients alike.
By:
ICl
Health>
Dental Carel
Jul 09, 2008
lViews: 1,075
Advantages of Driving a Water Fuel Car
Many car owners may not realize it, but there are more advantages of owning and driving a water fuel car than those of driving a standard gasoline fueled vehicle.
By:
ICl
Automotive>
Carsl
Jul 07, 2008
lViews: 818
Think International for Hedge Fund Jobs
The Hedge Fund Job market in Asia is expanding rapidly and will most likely create tens of thousands of jobs in the next 3-5 years.
By:
ICl
Business>
Managementl
Jul 07, 2008
lViews: 342
Add new Comment
Your Name: *
Your Email:
Comment Body: *
Verification code:*
* Required fields
Submit
Your Articles Here
It’s Free and easy
Sign Up Today
Author Navigation
My Home
Publish Article
View/Edit Articles
View/Edit Q&A
Edit your Account
Manage Authors
Statistics Page
Personal RSS Builder
My Home
Edit your Account
Update Profile
View/Edit Q&A
Publish Article
Author Box
IC has 901 articles online
Articles Categories
All Categories
Advertising
Arts & Entertainment
Automotive
Beauty
Business
Careers
Computers
Education
Finance
Food and Beverage
Health
Hobbies
Home and Family
Home Improvement
Internet
Law
Marketing
News and Society
Relationships
Self Improvement
Shopping
Spirituality
Sports and Fitness
Technology
Travel
Writing
Accounting
Banking
Credit
Currency Trading
Day Trading
Debt Consolidation
Insurance
Investing
Loans
Mortgage
Personal Finance
Real Estate
Taxes
Wealth Building
]]>
Need Help?
Contact Us
FAQ
Submit Articles
Editorial Guidelines
Blog
Site Links
Recent Articles
Top Authors
Top Articles
Find Articles
Site Map
Mobile Version
Webmasters
RSS Builder
RSS
Link to Us
Business Info
Advertising
Use of this web site constitutes acceptance of the Terms Of Use and Privacy Policy | User published content is licensed under a Creative Commons License.
Copyright © 2005-2011 Free Articles by ArticlesBase.com, All rights reserved.
To get more information about a FHA home loan and how they could help you make your closing costs very affordable, visit our site at: http://www.refinance.com/