EVERYONE PREFERS THE FHA MORTGAGE WITH A 3.5 PERCENT DOWN PAYMEN
FHA loans are popular among first-time home purchasers because they address many of the new buyers’ issues. Do you have a bad credit score? FHA loans are available with credit scores as low as 580. Do you have a lot of school debt? FHA loans allow for more debt than other types of mortgages. Don’t have much money set out for a down payment? The FHA demands a 3.5 percent down payment. Of course, there is a penalty to these benefits in the shape of higher borrowing costs. However, for many first-time home purchasers, the compromise is worthwhile. If you’re looking to borrow money for a home, here are some reasons why you’ll love a Utah FHA refinance : Increased Seller Concessions Allowance Fha mortgage 3.5 down payment loans enable property sellers to pay up to 6% of the purchase price toward closing costs and other prepaid goods involved with securing the loan. When a borrower puts less than 10% down on a conventional loan, seller contributions are limited to 3%. This r