The Advantages of FHA Loans

FHA mortgage loans are those advances which are backed by the US Administration of Federal Housing. It’s a pretty popular help while investing in Seattle real estate given its many pluses over the conventional financing structure. Let’s have a discussion on FHA Seattle real estate loan requirements and benefits.

Requirements:

• 3.5 % of minimum down payment
• Loan amount should not go beyond the prescribed loan limits of Seattle FHA advances
• Complete mortgage payment can’t be further 29 percent of the gross income per month
• Completely debt payments per month can’t be beyond 41 percent of the gross income every month.
• The FHA loan is only given for residential mortgages
• The borrower should have a stable income for minimum 2 years

The advantages of FHA loans Seattle are:

Easy Qualification:

FHA wouldn’t directly lend the mortgage loan to homebuyer; on the other hand they would insure your mortgage which means easy qualification for the borrower as well as better mortgage terms.

Approval despite bad credit:

The good part of FHA loan Seattle is that it approves your loan application in spite of a perfect credit record. This is what makes the loan more endearing than the conventional process and here you are granted the advance even with a score as less as 585.

Less Down Payment:

Another brownie point of FHA mortgage loans in Seattle is that the borrowers here are just required to submit 3.5 percent as down payment rather than 20 % as is common with the regular loans.

FHA Financing for every Family Home:

FHA Seattle mortgage loans enable you to purchase any home of your choice of residence. It could be fresh construction homes, one-four family homes as well as the manufactured homes too which was not possible with the conventional financing.

Now, it’s only natural that the FHA mortgage loans in Seattle enjoy high popularity.