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Times are getting harder as the national unemployment rate stays at an all-time high. Residents in Columbia, Missouri have a higher employment rate than most of Missouri, but at the same time the per-capita income doesn't allow much room for boasting. Low-income families must resort to the FHA Mortgage loan in order to achieve the American dream of owning a home.
by ChrisChanning
Times are getting harder as the national unemployment rate stays at an all-time high. Residents in Columbia, Missouri have a higher employment rate than most of Missouri, but at the same time the per-capita income doesn't allow much room for boasting. Low-income families must resort to the FHA Mortgage loan in order to achieve the American dream of owning a home.
Qualifying for an FHA mortgage loan will still take a somewhat fair credit rating. Although low-income families typically have poor credit, the FHA mortgage loan process is streamlined for those who have a rating of 580 and greater. If you have not built credit, you may work with the Department of Housing and Urban Development to establish a credit rating based on your past with financial responsibility.
The down payment requirements for an FHA loan are bare-bones. You may only have to spend as little as 3% of the total of your mortgage loan in order to get approved. This is compared to regular mortgages that might span 5%-10% as a minimum. Closing costs are also discounted as those who qualify may receive up to 6% towards closing costs.
Having a credit rating of zero is a nightmare in applying for mortgage loans. Lenders like to see at least a rating of 600 in order to give out approval- but all is not lost if you haven't built any credit. The FHA will work with applicants who don't have credit by reviewing previous commitments to bills, earnings, and current expense reports. An estimate of what one's credit should be will be formulated as a result.
The Federal Housing Administration is always looking at ways they may improve and expand their service to low-income families. One recent addition to the services offered is the FHA-Secure legislation. Under this passed legislation, the FHA is able to offer refinancing for previously made FHA mortgages. Fixed rate mortgages may be switched over to adjustable rate mortgages- allowing borrowers to take advantage of rock-bottom interest rates.
As a last note of caution, do know that there are such things as predatory lending in regards to FHA mortgages. Lenders might take advantage of the fact that you are not able to pay a mortgage, yet offer a loan anyway because of the guarantee the FHA puts on the loan. Acts such as these are illegal, and if you feel that you have become victim to predatory lending, you should check with the U.S. Department of Housing to make a claim.
Closing Comments
FHA programs have allowed Columbia, Missouri residents to get the homes and properties they need to start a family- with almost no money down and payments that are tailored to their budget. For more information, check with a Columbia, Missouri mortgage broker to get free consultation and quotes.
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