Is it true that Federal Housing Administration (FHA) Loans (Mortgage) are Better than Traditional Bank Loans for housing? Learn more - Buying or building a personal house as your own in Nigeria is a paramount need of every Nigerian because of the high cost of rent in the country.
Many people have gone ahead to building their house with their personal, business funding, while others has funding the construction of their buildings with their pensions after retirements. Those who do not fall into these categories usually decide to apply for FHA loans.
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Now that are prepared to buy a home (build your own house), make upgrades or repairs to an existing home (maintenance), or want to refinance a current loan, you should be aware that there are so many borrowers (lenders) out there ready to provide you with loan at a certain interest rate percentage for a specific payback period. Nevertheless, a lot of individuals decide to acquire their home (house) mortgage loans via the FHA. The FHA offers "fha loans ct" that come with an assortment of benefits to those receiving them.
FHA Loan Definition according to Investopedia: An FHA loan is a mortgage issued by federally qualified lenders and insured by the Federal Housing Administration (FHA). FHA loans are designed for low-to-moderate income borrowers who are unable to make a large down payment. Source: www.investopedia.com/terms/f/fhaloan.asp
What is the Full Meaning of FHA: An FHA loan is a mortgage issued by federally qualified lenders and insured by the Federal Housing Administration (FHA). FHA loans are designed for low-to-moderate income borrowers who are unable to make a large down payment. Source: www.investopedia.com/terms/f/fhaloan.asp
Read carefully now as we walk you through the five (5) reasons to use this type of loan rather than another type.
1. First Deposits - (Lower Down Payments)
Firstly, find out how much money in cash you have to put down as a down payment (initial payments) on the home that you wish to purchase from property management company? Also find out how much you need to deposit to the mortgage bank. Although it is a good idea to have money set aside for the down payment, you will be surprised and happy to find out that some FHA loans oftentimes require little to no down payment (deposits).
2. Percentage of Interest - (Lower Interest Rates)
Next thing to check is; how much you are to pay as the interest. Interest rates with mortgages are oftentimes considerable and add a nice chunk to the total cost of the home purchase. Using an Federal Housing Administration loan entitles you to receive very minimal interest rates. Don't be surprised that The FHA loan interest rates start as low as 3.5% instead of traditional (commercial) banks which usually starts from 10%!
3. FHA Loans are more Easier to Obtain
Obtaining loans from commercial banks can be tedious sometimes compared to mortgage bank loans. The benefit that comes with the FHA loan is easier qualification. There are several reasons why it is more easier to obtain an Federal Housing Administration loan. What is important to know is that, even with bad or less than perfect credit, you may still be able to qualify for one of these awesome loans.
4. FHA Loans has Options Available
The Federal Housing Administration loans are available for those who wish to refinance their home, for first-time home buyers, and more. Don't you think that there is a program to meet your needs with all of the options available? Of-course yes.
5. FHA Loan Makes Home Buying Easier
It is the Nigerian dream to own a home buy either buying one or construction it from the scratch using building plans and contractors. When you use the "FHA loans CT Scheme", owning a house is much easier and you are one step closer to achieving all of your dreams and make your family happy.
Housing Loans in Nigeria | Reasons why FHA Mortgage are Better than Traditional Loans
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Next Posts
- I'm Pre-Qualified by an FHA Lender. Does That Mean I'll Be Approved
- What are the eligibility requirements for FHA loan?
References
- Federal Housing Authority Savings and Loans
- No reviews · Mortgage Lender
- Aso Savings And Loans Headquarters
- Federal Mortgage Bank of Nigeria
- SunTrust Apo Dutse Housing Estate
- Personal Home Loan (Mortgage)
- http://www.casablancagame.com/5-reasons-to-use-the-fha-loans-rather-than-traditional-loans/