My Dream Home in Orange County, California - FHA Loans Made it Possible
The real estate sector has been caught up in a substantial turmoil these, but the demand for homes has started to rise again. But the only hindrance for many possible homeowners out there is, "Is this really the right time to invest?" True, the real estate market has had a very disorderly phase since the last 2 years or so, but that does not contradict the fact that those needing homes would most definitely be looking to purchase them, regardless of the circumstance. And this fact holds true for both genuine home-seekers as well as investors. Adding to this, with the FHA coming into play, the situation has transformed significantly.
How did the FHA make a difference?
The FHA authorized the lenders to give loans to potential homeowners with the guarantee that if the borrowers fail to pay; the lender’s money would not penalize. As this is a government backed guarantee, it helps to relax the strict guidelines that have been put forth by a majority of the lenders to do away with defaulters. The result is that home loans are now more easily available than they were in the past year or so. Let's take a look at some factors that make buying houses the perfect decision in today's times. Click here for more home buyers guide.
The first point of course is that of affordability, with the availability of home loans in many areas, it is very easy to get a dream house in the locality of your choice. At the moment, FHA loans in Orange County, San Francisco, etc., are hot offers for home-seekers. And thanks to the fact that there is a very low rate of interest, these loans have become all the more lucrative.
The second point is one of government incentives on FHA loans. Orange County, besides being one of the best residential places to live in, also comes with some government incentives for those taking home loans certified by the FHA. Anyone who qualifies can claim up to 10% of the closing price of the home with a maximum credit of $8,000 (refundable).
The legal term "first time home buyer" is defined as anyone who has not bought a home in the past three years. This has led to an instant rise in the number of loan applications.
The third point that makes FHA loans in Orange County an attractive offer is that there are now mortgage protection programs in case you are worried about the payments if you are unemployed in the future. A Housing Affordability Fund Mortgage Protection Program is on offer from the California Association of Realtors, with some other lenders also offering the same.
So, if you are considering buying a home, an FHA loan in Orange County or similar areas is the perfect solution to all your problems.
How did the FHA make a difference?
The FHA authorized the lenders to give loans to potential homeowners with the guarantee that if the borrowers fail to pay; the lender’s money would not penalize. As this is a government backed guarantee, it helps to relax the strict guidelines that have been put forth by a majority of the lenders to do away with defaulters. The result is that home loans are now more easily available than they were in the past year or so. Let's take a look at some factors that make buying houses the perfect decision in today's times. Click here for more home buyers guide.
The first point of course is that of affordability, with the availability of home loans in many areas, it is very easy to get a dream house in the locality of your choice. At the moment, FHA loans in Orange County, San Francisco, etc., are hot offers for home-seekers. And thanks to the fact that there is a very low rate of interest, these loans have become all the more lucrative.
The second point is one of government incentives on FHA loans. Orange County, besides being one of the best residential places to live in, also comes with some government incentives for those taking home loans certified by the FHA. Anyone who qualifies can claim up to 10% of the closing price of the home with a maximum credit of $8,000 (refundable).
The legal term "first time home buyer" is defined as anyone who has not bought a home in the past three years. This has led to an instant rise in the number of loan applications.
The third point that makes FHA loans in Orange County an attractive offer is that there are now mortgage protection programs in case you are worried about the payments if you are unemployed in the future. A Housing Affordability Fund Mortgage Protection Program is on offer from the California Association of Realtors, with some other lenders also offering the same.
So, if you are considering buying a home, an FHA loan in Orange County or similar areas is the perfect solution to all your problems.