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FHA Loan – Best Option for Millennials

About 35% of the borrowers, born between the years 1980 and 1999, prefer to go for FHA mortgages.  The total package of features that the FHA loan comes with, seems to suit millennials very well.

Unlike people belonging to the other generations, the millennials have well-paying jobs. Yet, they do have to pay back their debts.

20 or 10% down payment is not something the millennials can afford as they have no assets. However, they are wise enough not to let their monthly housing payments go into a third person’s account. They are always looking for easier options to buy their own homes as quickly as possible and FHA is definitely one such option.

FHA approved loans offer many benefits that the other types of mortgages don’t.

Low Down Payment

The minimum down payment that you may have to make in case of an FHA loan is 3.5%. When compared to the 10% that conventional mortgages ask for, 3.5% is truly a bargain. Of course, there are programs that may require down payments lesser than 3.5%; but not everyone may be eligible to apply for such loans.

Easy to Qualify

FHA loans are easier to qualify for. They don’t have strict restrictions like VA loans, Department of Agriculture Loans or Income cut-offs. Even the credit score that FHA lenders accept is much lower when compared to the other kinds of loans.

You can easily obtain an FHA loan even if your credit score is below 600 while most other loans ask for a FICO score that is above 720. The guarantee given by the Federal Housing Administration to set off the losses of the lenders gives them the confidence that they need, to approve FHA loans despite low credit scores. With most millennials having middling credit scores, FHA loan seems to be the best option.

Flexible Debt-to-Income Ratio

The Debt-to-Income Ratio is often the deciding factor for the lenders to approve mortgages. Most lenders may not approve your loan if your debt-to-income ratio is higher than 45%. However, FHA-approved lenders are quite flexible when it comes to the DTI ratio. They even stretch up to 56 percent if you have a strong income that leaves adequate amount of residual income after paying off all your debts.

As mentioned above, income is not a problem for millennials as most of them have well-paying jobs. With their debts always on the rise, FHA seems to be their best option while buying a home.

There is just one drawback in case of FHA loans. The FHA premiums can never be cancelled. Nevertheless, this fact does not pose a problem to millennials as they don’t keep their starter homes for too long.

It becomes very easy for millennials to look for FHA approved lenders. In fact most such lenders purchase the details of potential FHA loan borrowers through FHA mortgage leads and get in touch with millennials directly. All that the borrowers then have to do is, shortlist a few lenders, compare their rates and terms and decide on the right lender to borrow their FHA loan from.

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6 Ways to Finance your FHA Loan

Is low monthly income stopping you from owning a home?

Are you worried about your less-than-perfect credit?

Would you purchase a home if the monthly mortgage payments are minimal?

Then an FHA loan could well be your answer.

You can consider going for an FHA loan whether you want to buy a home or refinance your existing mortgage.

The best part about FHA loans is the low closing costs. Also, they are easy to qualify for even if you have less-than-perfect credit, as the HUD reimburses the FHA-approved lenders when the loan goes bad. This is exactly why there are so many FHA-approved lenders who are ready to offer FHA loans to many borrowers, despite less-than-perfect credit and low monthly income. In fact some of them may even have contacted you through FHA mortgage leads.

You can finance your FHA loan even if your loan amount is less than the allowable Loan to Value (LTV)ratio. Here are a few such ways:

While Refinancing Your FHA Loan:

  • You can pay off your previous loan by taking a new FHA loan. You can also pay off your closing costs up to the allowed LTV. For instance, if the maximum loan for your refinancing is $200000 and if your previous loan’s payoff is $195000,(which is 96.5 percent of your home’s value (LTV)),then you can finance your closing costs up to $5000.
  • You can reduce the amount of your FHA loan if it is necessary to meet the LTV limit.In order to do this, you can either pay a part of your closing costs or ask your lender to reduce the fee. You can also ask third party service providers such as escrow and title agents, to lower their fees
  • You can go for no-cost refinance by requesting your FHA lender. The lender will cover the closing costs (incurred) through a yield spread premium instead of financing directly into the loan. Because the lender provides a higher interest in exchange for the payment of closing costs on your behalf,you are indirectly financing the costs.


While purchasing a new home:

  • The property seller can be asked to cover your closing costs. The FHA allows a concession of 3 percent towards a buyer’s recurring as well as non-recurring closing costs, including third party service fees, points and lenders fees.
  • You can include the 3% seller concession and make it reflect on the counter-offer form or contract addendum.You can also negotiate the seller-paid closing costs as a percentage of the sales price or as a dollar amount.
  • You can request an amount that is either equal to or less than the closing costs that you have estimated. In fact you could even ask your FHA lender to give you an estimate with good faith, so that you know how much to ask for. If there is a surplus of the seller-paid concessions, you can use the same to reduce your FHA loan balance. FHA restricts cash back from seller paid closing costs.

There are many more ways that might come to light if you do a bit of research. Decide on the one you want to adopt before you say yes to the FHA lender who contacts by purchasing

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FHA Mortgage leads

How is FHA Mortgage Better Than a Conventional Mortgage?

A mortgage becomes crucial when it comes to buying a home. Nevertheless, it is always better to consider your options, understand their pros and cons and then decide on the right mortgage to go for. Here is some information that will help you understand why it would be better for you to go for an FHA mortgage instead of a conventional one.

FHA requires lesser down payment than a conventional one

While most conventional mortgage lenders ask for a 20% down payment, the minimum amount you will have to put down is at least 5% of the home value. When compared to this an FHA mortgage requires only 3.5% down payment.  This makes FHA loans very popular among first-time home buyers.

With the FHA recently reducing the monthly mortgage insurance by 60%, there has been a definite increase in the popularity of FHA loans across the USA. Many FHA-approved lenders have started contacting potential borrowers by purchasing

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FHA loan – A better alternative to Conventional Mortgages

Although FHA loans can be a better alternative to conventional loans, for many first-time home buyers as well as those who have low credit scores, most are still in the dark about the process of FHA and how it can affect a sale.

Here is some -information that can improve your knowledge on FHA loans:

There are three types of FHA loans

FHA loan programs are of three types:

  • FHA 203(b) fixed-rate mortgage (for 15 or 30 years):These are single-family FHA insured mortgage loans that can be used to buy a new or refinance an existing family home (1 to 4 members) in a rural or an urban area.
  • FHA 251 adjustable-rate mortgage:These loan programs insure home purchases or the loan refinances, where the interest rates of the loans keep fluctuating.
  • FHA 2-1 buy-down loans:In this type of loan you can get the interest rates of the first three years of your mortgage lowered, by paying up an upfront fee.

Eligibility Criteria for FHA Mortgages

In order to qualify for an FHA loan, you need to:

  • Have a positive credit history for at least two years in a row
  • Show increasing or at least consistent income
  • Have an employment record that is steady and you should have worked with the same employer for at least two years.
  • Have absolutely no bankruptcies in the past two years
  • Keep your mortgage payment at about 30% of your gross income or lesser

FHA insures; but doesn’t lend

The Federal Housing Administration is not into originating mortgages. It only insures the loans that are offered by the banks, mortgage companies and private lenders who are FHA approved and protects their interests in case the borrowers default. By reducing the risks of the lenders, FHA makes sure the borrowers obtain loans that involve lower down payments.

FHA Interest rates can vary

FHA interest rates are not established by the government. They vary from one lender to the other. The interest rates of FHA loans are usually higher than that of the conventional loans. In case you have any problems with your credit your interest rates would be a lot higher.

FHA loans don’t require home inspection

You can get an FHA loan without a home inspection. However, you will still need a home appraisal. Appraisals may allow minor property defects that are caused through the usual wear and tear. These include leaky faucets or missing handrails. In case you want to conduct a home inspection by your own will, make sure the house meets the building codes that are nationally recognized. Any violations will have to be addressed before closing.

FHA loans come with a maximum limit

You can get a maximum loan of $636,150 if you are going for a single family unit. The FHA loan limit depends on the location of the house that you are going to purchase. In return you only have to make a 3.5% down payment. Nevertheless, if you are purchasing a home with a really high value, you may be better off looking for alternate options.


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The Benefits you can expect by Going for FHA Loans

If you are planning to buy a house and shown some interest in doing so, you may already have been contacted by many FHA mortgage lenders. They may even have offered you excellent interest rates and terms on those loans. They may have spent money to purchase your details from lead generating firms that sell FHA Mortgage leads. In case you haven’t yet responded to any of these positively, it is time you think again.

FHA loans are not ordinary loans. They are insured by the government and backed by the FHA or the

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FHA Mortgage leads, FHA Mortgage leads transfers, FHA Mortgage live leads, FHA Mortgage live trasnfers

How to Find FHA Mortgage Lenders in your Area?

If you want to own a home without making much of a down payment, an FHA loan would be a wise choice. However, this means you will have to look for a lender who is FHA approved. Although less in number when compared to conventional mortgage lenders, you can find FHA mortgage lenders quite easily. The best way to do this would be to visit the HUD website and use the search tool that you see there.

To run a search on the HUD website, enter your city name and your state and then click on the search button. This should give you the names of all

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FHA Mortgage leads, FHA Mortgage leads transfers, FHA Mortgage live leads, FHA Mortgage live trasnfers

HUD or FHA Mortgage Loan – The Better Option

Would-be homeowners can get government loans even if they have bad credit scores or a history of foreclosures / bankruptcies. However, it is not that easy to get these loans.

These loans are initiatives taken by the federal government to help the low-income Americans own homes in USA. It is a guarantee that the government gives to the lender of such loans that it will pay back the loan if you default.


The U.S. Department of Housing and Urban Development (HUD) is the federal government agency that encourages individuals to own homes in the USA. FHA or Federal Housing Administration is one of its offices through which it operates.

There are a few loans that the HUD guarantees directly. However, these are mostly multifamily units. If you are a single-family home buyer you will have to go for a mortgage that is insured by the FHA.

Qualifying for an FHA Loan

The best part of a FHA mortgage loan is that you will be able to buy your dream home by putting in a down payment of only 3.5%. All that you would need is a minimum FICO score of 580.  In case your FICO score is lower than 580, you may have to pay up 10% of the home value as the down payment, which is still better than what you may have to pay in case of a conventional mortgage.

For making the down payment you may take cash as a gift from your family members or friends or even go for a charity. The seller may agree to pay up your closing costs in case you do not have the funds. However, this might require you to pay up a higher rate of interest.

Few More things you may need to know about FHA Mortgage Loans

  • A Bank or an FHA-approved lender is whom you may have to approach if you wish to obtain an FHA mortgage loan. Most of these lenders may contact you on their own if you show interest in borrowing such loans. Your details would be given to them by lead generating firms that sell FHA Mortgage leads.
  • Your options may be limited when compared to conventional mortgages, which means you may have to do some actual research on choosing the right lender for obtaining an FHA mortgage loan. The chances of getting FHA loans at favourable terms and interest rates are quite slim, since the number of lenders is lesser.
  • There is a limit up to which FHA can insure your loan and this limit might vary from region to region. The maximum amount that FHA can insure is $625,000 and this amount can be very limiting, going by the standards of metropolitan areas. Also since FHA does not approve all condo developments, you may be left with very few less-expensive housing options.
  • FHA loans would require you to pay up FHA insurance premiums along with your monthly mortgage payments. This is to ensure the banks or FHA lenders get paid if the FHA mortgage goes bad. This premium payment is not always tax deductible.

FHA mortgage loans can help you own your home even if you have a bad credit history. However, you will have to find a good housing option that is approved by the FHA. Get in touch with Heritusleadtransfer if you need

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Conventional, FHA and VA Loans – A Comparison

In case you wish to borrow a mortgage to buy your home, it is better to understand the differences between the traditional mortgages, FHA loans and VA loans.

As loans, all three of these are similar. They are issued by banks or by other approved lenders. Nevertheless, they do differ in certain ways. Read on to know which one suits your needs in the best way…

Conventional Loans

A conventional mortgage or loan is one that is not guaranteed or insured by the federal government. So, then lender has nothing to fall back upon, in case of a default. This is why the lenders of these conventional mortgages make it mandatory for you to make a 20% down payment for the property that you wish to buy. In case you cannot afford this, you would be required to pay PMI or private mortgage insurance that adds up to your monthly mortgage payment.

Although these loans are not guaranteed by the Federal Government they have to adhere to the guidelines that are set by Freddie Mac (Federal Home Loan Mortgage Corporation) and Fannie Mae (Federal National Mortgage Association). Anyone can obtain conventional loans; however there are certain criteria with regard to credit score and income requirement, for you to qualify for one.

FHA Loans

FHA loan is one that is duly insured by the FHA or the Federal Housing Administration. So, if you take an FHA loan from the bank and in case you do not repay the same, the loss will be compensated by the FHA. These loans have certain excellent terms that include:

  • A down payment which is as low as 3.5% of the purchase price of your home
  • Nominal closing costs
  • Closing costs being adjusted with the loan amount itself

Anyone can apply for a FHA loan, which is quite easier to qualify when compared to the conventional mortgages. Nevertheless, there is a maximum loan limit which depends upon the average housing cost in your region. Also, you would be required to pay up Mortgage Insurance Premium (MIP), which becomes a part of your FHA loan. This is something that helps FHA pay up the claims of the lenders when any of the borrowers of FHA loans default.

VA Loans

VA loan is one that is guaranteed by the VA or the Veterans Administration. Not everyone can apply for these kinds of loans. Only the following people qualify for VA loans:

  • Veterans
  • Members of US armed Forces
  • Eligible and surviving spouses
  • Reservist/National Guard members

You need not make any down payment in case of VA loans. Also, it involves no insurance either. In case you are one of the above categories, you will have to get in touch with a VA-approved lender in order to apply for a VA loan.

Once you start showing interest in borrowing one of these loans, many lenders may start contacting you by themselves with the help of FHA Mortgage Leads, VA Mortgage Leads or

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