People always ask me what the best FHA mortgages are. Truthfully, FHA in my mind is the best way to go no matter what. FHA is the Federal Housing Administration, and they insure the loan for the lender if you default on your mortgage. FHA offers the best programs and rates around, along with alternatives for the buyer or the current homeowner.
The best FHA mortgages are the 30 year fixed option, that way you know your monthly payment is always the same. In addition, you will be escrowing your taxes and insurance so that you don’t have to come up with that money all at once, which is smart. I don’t know of too many folks that can come up with that kind of money in one lump sum. It just isn’t that simple, and if you think you can save up the money, you will usually end up using it for something else. I have seen it happen so many times.
FHA also offers one of the best loans yet, which is the Energy Efficient Mortgage, or the EEM. This is no doubt one of the best FHA mortgages, because it gives homeowners the opportunity to finance the amount of home improvements into the home, and it can be worked into the loan for a home buyer as well, with no additional qualifications needed. FHA uses the amount of savings that you would get from your energy saving improvements to alleviate the burden of a higher payment. This is a commonsense approach to underwriting that you won’t find with a conventional loan.
For more information on the best FHA mortgages, you can visit my website at www.fhaloansnow.net, or call me at 310-498-2700.
-Mayer Dallal
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