Getting An FHA Loan In Tucson

by | Aug 6, 2013 | Loan

Most of us dream of owning our own home. We want a place that we can call our own, where our family can enjoy living. Picking out a home that we like is fairly easy. The hard part is getting the home financed. It can be hard to know where to start when trying to buy a home. There are so different types of loans that are available to home owners that is easy to become overwhelmed.

One loan type of loan that works well for families is a FHA Loan in Tucson. Before applying for a loan it is important to understand what a FHA loan is. This type of loan is an insured loan that is backed by the federal housing administration. The loan is then underwritten by a mortgage lender.

There are many benefits of FHA loans. If you have a less than perfect credit history, a fha loan in Tucson may be right for you. Even if you have had problems with your credit in the past, you may still be able to qualify. Some people who have filed bankruptcy have still been able to get a loan. Your credit score can also be lower with this type of loan.

Many people have the misconception that they have to purchase a cheap home if they get approved for a FHA Loan in Tuscon. While limits will vary by location the national maximum conforming amount for a single family home is $417,000. This type of loan will have a lower down payment than conventional loans. Typically you will be required to pay down 3.5% instead of 20% as with a conventional loan.

If you would like to get stated with a fha loan in Tucson, you should apply today. The application process is quick. If you are not ready to apply for a loan or if you have any questions, you request a consultation to discuss your options. FHA loans are not right for everyone and there are some people who may not qualify. If it turns out that this is not right loan for you, a loan officer will be able to help you find a loan that is.

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