Dianne Drinkwater, Berkshire Hathaway Homeservices Florida Network RealtyPhone:
Email: [email protected]
Email: [email protected]
Buying a home is a beautiful feeling, but dealing with the financial aspect of it can be tiring. Well, thanks to mortgages, the financing is no longer a headache. From conventional mortgages to Government-insured mortgages, homeownership is now a dream that can be turned into reality once you have done your homework, arrived at a budget, reviewed your credit and nailed down your down payment amount.
The America government is not a mortgage lender but has been helping many Americans become homeowners. How? Through government agency loans, namely:
- Federal Housing Administration also known as FHA loans
- The U.S Department of Agriculture also known as USDA loans
- U.S Department of Veteran Affairs also known as VA loans
This article will cover FHA loans: how it works, who is eligible, and everything you need to know about it.
What are FHA Loans?
FHA loans give borrowers who do not have a significant downpayment saved up and don't have good credit the opportunity to own a home. Since its inception in 1934, FHA has insured over 40 million home loans.
Types of FHA Loans
FHA mortgagee loans come in different types- it depends on your assets, income, age, and some times your current home equity. There are seven types of FHA loans, which include:
- Fixed-rate purchase loan
- Adjustable-rate purchase loan
- Condominium loans
- Secure Refinance loan
- Home Equity Conversion Mortgages
- Graduated Payment loan
- Growing Equity Loan
Closing Costs
Like other kinds of mortgage loans, FHA loan comes with its closing cost. However, expenses may be different from lenders, market conditions, geographic location, and down payments.
If you wish to lower your closing cost, you can do so by increasing your credit score, shop from multiple lenders, check for settlement and title companies, or negotiate with the lender.
FHA Loan Pros and Cons
FHA loan as many benefits such as low down payment, better interest rate, and flexibility with a credit score. The only downside of FHA loan is that you have to get mortgage insurance that stays with you throughout the life of your FHA loan.
What You need to qualify for an FHA Loan
Driver license, military ID, passport, or any other kind of government-issued ID.Last two-months statement of your bank and Investment accountPrevious two years' income statementsPay stubs for at least a month.
If you run a business or you are self-employed, you will be asked to provide:
- Your current tax year profit and loss statement
- At least two of your recent tax returns.
Talk to a mortgage and loan specialist to get the process started.
Dianne is a full time, full service, state licensed Realtor®, member of Northeast Florida Regional Association of Realtors® (NEFAR), St. Augustine/ St.Johns County Board of Realtors, National Association of Realtors® (NAR), Florida Association of Realtors® (FAR), and Northeast Florida Regional Multiple Listing Service And St. Augustine/St. Johns (MLS), Shearwater Certified, and Military on the Move Designation.
She provides a unique blend of leadership, sales acumen, project management, technology, and world class customer relation skills to enhance Watson Realty Corporation's values in the real estate sales and mortgage marketplace. She is a decisive take action solution-oriented professional with 25+ years of progressive business experience who efficiently utilizes technology to improve results. She has lived in the St. Augustine/Jacksonville area since 2005 and has seen the area continue to flourish and stays well informed of future growth plans within Northeast Florida.
Let's take a look at the lighter side of Dianne. She loves life is artistic loves music, the arts, yoga and genealogy! She loves to explore and hates to be bored. She loves the outdoors, especially plant life and wildlife. She has been a Master Gardener in Florida and Maine; as a photography enthusiast she has the eye to spot the perfect shot, which spills over to the photos she makes of the properties she markets AND frequently hires the best specialized real estate photographers/drone and videographers who make the difference in the sale. And, she loves to share her knowledge of the local real estate market and all aspects of the process to guide you through each step as a coach rather than a salesperson.
So, let's sum it up. Buying or selling your home is an important life decision. Reasons can vary greatly from change of lifestyle, to relocation or life challenges. You need someone you can trust, count on, respect and help shoulder the stress, anxiety and time commitment involved. Doesn't this sound like someone you want working for you?
So, what's the next step? Contacting Dianne of course. It is all about YOUR needs, goals, timeline and DREAMS! She's here to help you achieve them and she looks forward to hearing from you.
What are you looking for in a Realtor? - Someone who will really listen to your wants and needs? Someone who will expertly market your home until the SOLD sign adorns your front lawn or if you are a buyer tirelessly researches your wish list to find that perfect home? - How about someone who will always be honest, holds ethics in high regard as a realtor, who works aggressively to get you the best price for your home and someone who knows the market?
Selling or buying a home is a partnership with your trusted advisor- Dianne Drinkwater