FHA Loans in Portage MI, are not handled by a federal office and do not require applicants to attend a meeting with a state government official. They are actually applied for and approved or denied right from a traditional mortgage lender. This makes it very easy for any home buyer to meet with one broker and find the perfect financial option for buying their new home.
Not just any lender can offer this type of loan. They must be an FHA-approved lender and continue to maintain their practices according to federal requirements requirement in order to keep their approval. The borrower must have a minimum credit score of 580 and have the financial means of paying back the loan. In some instances, even if they are not able to meet the credit score exactly, it may be possible for some lenders to approve their loan anyways.
FHA Loans in Portage MI, are an affordable option for home buyers who are able to make monthly payments, but cannot necessarily save a large amount of money at one time. Since FHA loans can be obtained with a low down payment and no closing costs to the borrower, they make it possible for many to purchase a home they may not have been able to afford in any other way. They also usually have lower-than-standard interest rates, so the payments can be much more affordable.
One extra bonus with FHA loans is that there is the potential to borrow additional money to cover the expense of work done on the home. This could be to make a home accessible for someone with a disability, or it could be to upgrade an outdated sewer or heating system or repair other dangers that exist. It is not available to make upgrades or improvements that are based only on preference or aesthetics rather than needs or safety.
To learn more about FHA loans or to see what type of other funding is available locally, check out Kzoomortgage.com. Interested home buyers can apply online and become pre-approved. This makes it much easier to shop with confidence and know instantly whether or not a home is attainable.