Buying your first home can be an exciting and terrifying commitment, but there are options at your disposal to make qualification easier. Federal and state governments grant insured mortgages in KC through the Federal Housing Administration that encourage this first big step. These loans have:
Even those who have saved up for a good down payment may still be attracted to insured mortgages in KC for other benefits. The FHA guarantees their insured loans for lenders, protecting them against potential default from the first-time home buyer.
Qualifications may vary by lender, but general guidelines include a:
The property must also be your primary place of residence. Therefore, if you plan to rent it out, you may not qualify for this insured mortgage.
Many people assume that a first-time home buyer is someone who has never owned a home. However, the FHA considers anyone who has not owned a home for three or more years in this category. If you meet the other requirements, you can still reap the benefits of insured mortgages in KC.
Insured mortgages in KC are not for all first-time home buyers. These mortgages have a set date for refinancing or changing the terms of your debt. Therefore you have less freedom to refinance than you would with a conventional loan. In addition, you may have to purchase private mortgage insurance which can lead to higher fees or a longer loan term. Be sure to discuss insured mortgages for first time home buyers with your loan officer to decide if it’s the right choice for you.
Putting a home into a trust may seem like an option reserved for older homeowners who have paid off their mortgage and have accumulated an estate, including assets such as a home, motor vehicles, various investments, boats, rental properties, furniture and even a vacation home. However, having a home that’s owned outright is not necessary […]
The start of a new year is often seen as the time to make major changes in life. While many people resolve to start hitting the gym, losing weight, reading more, or making a career change, others may decide to buy a new home in the coming months. That’s a great goal, one that can […]
Buying a home is one of the most exciting events in a person’s life. A new home can mean a new direction, a major step forward, the beginning of a family or just a fun opportunity to live in a new state, city or neighborhood. It’s also a complex task that involves several important steps. […]
