FHA Mortgages for Young Home Buyers - Home Loan Experts with Great Mortgage Rates Serving Colorado, Florida, Illinois, Indiana, Michigan, Minnesota, Tennessee and Wisconsin

Thursday, September 19, 2013

FHA Mortgages for Young Home Buyers

Many people think that purchasing a home at a young age is out of the question. However, FHA mortgages make it possible. An FHA mortgage allows you to make a low down payment and does not require you to have perfect credit.

If you are a recent college graduate, or maybe you just don’t have a lot of money saved up, an FHA loan could be a great option for you. Conforming home loans require you to make a minimum down payment of 20%, unless you want to pay for mortgage insurance. However, with an FHA loan you can make a down payment of as little as 3.5%.

An FHA mortgage loan is also a great option for people who may not have the best credit. FHA underwriting guidelines are more lenient a conforming loan.

Interest rates for FHA home loans are about the same as conforming home loans. If you’re young and don’t think you can afford to buy a home you may be wrong. Paying rent can be just as expensive as paying a mortgage.

If you are interested in an FHA loan call United Home Loans today to speak with a mortgage banker about your options. Call (708) 531-8388 now!

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