April 14, 2021
Are you thinking of purchasing your first home? An FHA mortgage can be a great help with its low downpayment requirements, borrower-friendly terms, and the ability to freely sell or transfer ownership of the home if needed.
First-time home buyers often aren’t sure where to start gathering resources for their home loans in the planning and saving stages. Here are some of those resources that can help you get started on the journey toward owning your own home.
FHA Home Loan Local Down Payment Assistance Programs
FHA loans permit down payment grants, and you may be able to find one in your local area using this Downpayment Grant resources list broken down by state.
FHA Mortgage Loan Calculators
FHA mortgage loan calculators can help you determine a rough estimate of your monthly mortgage payment and see how the price of the home breaks down over the loan term–how much does your home loan cost? Find out today by using an online mortgage calculator to run your numbers.
Home Buyer Counseling
Did you know you can call the FHA and HUD directly at 1-800 CALL FHA to request a referral to a local, HUD-approved housing counselor?
You should talk to a housing counselor if you have any questions about home loan approval issues such as credit scores, down payments, the difference between fixed-rate and adjustable rate mortgages, etc.
Find Your Local Home Loan Lending Limits
Do you know how much you can borrow for a new home loan? How much is considered typical for your housing market and how much loan is considered a “Jumbo” loan?
You can review the latest loan limits for your area and get a better idea of how affordable your new house might be compared to others in the market.
Learn Home Loan Lingo
Some new home buyers are confused by real estate industry and banking industry jargon. Confused about what an APR is and how you should interpret that number?
Do you know what home loan discount points are? What about escrow? The answers to these questions and more can be very important for a new borrower to make informed choices about their mortgage loan options. Look up a glossary of terms at finance sites such as Investopedia to take the mystery out of all that jargon.
Joe Wallace has been specializing in military and personal finance topics since 1995. His work has appeared on Air Force Television News, The Pentagon Channel, ABC and a variety of print and online publications. He is a 13-year Air Force veteran and a member of the Air Force Public Affairs Alumni Association. He was Managing editor for www.valoans.com for (8) years and is currently the Associate Editor for FHANewsblog.com.
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