FHA Loan Benefits

FHA insured mortgages are some of the best kinds of mortgages available. This is because they can help more people into the home buying market. Check out the list below to understand some of the most basic benefits of an FHA mortgage.

Easier to Qualify for – because they’re backed by the federal government lenders are more likely to give you the kind of loan that you need.

Low Down Payment – FHA insured mortgages only require a 3.5% down-payment which makes it easier for people to own homes. Additionally the 3.5% can come in the form of gifts, unlike many other loan programs.

Lower Credit Borrowers Qualify – because FHA insured loans are backed by the government those with a poor credit history have an easier time getting this kind of loan.

Better Interest Rates – with the backing of the government these loans typically have a better interest rate than most traditional mortgage loans.

Better Home Stability – the FHA has programs designed to help homeowners keep their homes during hard times. The will work with you to help your home from falling into foreclosure. Always try to work out problems with your lender before the situation becomes dire.

Shannon Smith-Wood
Colonial Mortgage Group

3261 Old Washington Rd, Suite 1011, Waldorf, Maryland 20602
Phone: 410-798-6611 | Fax: 410-798-6618
Company NMLS: 70452 & Individual NMLS: 3964
www.nmlsconsumeraccess.org

Residential Mortgages provided by Colonial Mortgage Group
Licensed: MD LO 5908 & MD 17542;  DC MLO3964 DC MLB70452; FL MBR1384
Licensed by the Virginia State Corporation Commission License #MC5185 & MLO-18339VA. Licensed by the PA Department of Banking License # MB35217 & PA LO 47550

By refinancing your existing loan, the total finance charges may be higher over the life of the new loan.