An FHA loan comes with several bundled benefits for borrowers. They are more convenient than other conventional financing options for borrowers. Some salient features of an FHA loan is as follows:
1. Through an FHA loan, borrowers can buy a home by paying a very low down payment amount, or no down payment depending on private gifting programs available.
2. Your friends or other family members can gift your down payment. You may even receive your down payment from several government financing programs. This is a unique feature of FHA loan, which is rare in other conventional mode of financing.
3. FHA loans can create one of the best "100% financing option" with great interest rates. People with lower credits scores are also eligible for FHA loan programs.
4. Easy credit qualifying for great interest rates even with lower credit scores. A borrower's credit score, if negatively affected, is not weighted as heavily as in a conventional loan.
5. Borrowers can opt for fixed interest rate programs that help in perfect planning of your home budget according to income. Fixed interest rate loans also helps you in avoiding situations of facing foreclosures, as they are independent of market status as well as economic inflation.
6. People with history of bankruptcy have to face several problems while trying for a conventional home loan. For them, FHA loans are a kind of relief. Such people can get these loans without any difficulty.
7. FHA loans are awarded to people looking for multi-family homes to accommodate all family members (applies for large/joint families). One can get an FHA loan for up to four units of multi family homes. Interest rates for these loans are lower than conventional home loans.
Apart from these benefits FHA loans comes with several other advantages. These includes less paper work and fewer financial restrictions. Buyers have many choices when choosing an FHA approved lender and should consider only those that specialize in this process.
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