Detroit FHA Loans

Right now is a great time to apply for an FHA loan if you are planning to relocate to Detroit. The FHA is a part of the US Department of Housing and Urban Development (HUD) and together they have made the home loan process incredibly simple and affordable for all who qualify. The FHA has been around since 1934, and over that time it has helped millions of Americans become proud new homeowners, and many more keep their existing homes.

Conventional Loans vs. FHA Loans

When you apply for a conventional loan in Detroit, you will be expected to pay around 20% for a down payment. This makes it impossible for young families and couples to become first time homeowners. The FHA helps alleviate the initial financial strain by only requiring a small 3.5% down payment. Plus, the FHA does not care where this money comes from. This means your employer, friend or charitable organization is free to provide the down payment on your new home.

Additional Benefits

In addition to the low down payment feature of Detroit FHA loans, you also won’t have to pay any private mortgage insurance. This is because the FHA already insures the loan for you. Plus, you will get to take advantage of some really competitive interest rates, making the total cost of the loan much lower than conventional loans. The other benefits of going through the FHA for your home loan include streamline refinancing, easy approval and flexible repayment schemes.

Finding a Lender

The lender you choose to use for your FHA loan can be a bank, savings and loans association or mortgage company. The only requisite is that the lender participates in the FHA home loan program. Before you start researching potential lenders, it’s a good idea to get pre-approved so you can make sure you meet all the FHA requirements for a new loan. A pre-approval will also give you a general idea of how big of a loan you’ll be able to qualify for.

Get Started Today!

We would love to help you get started on the road to homeownership today. Fill out our secure online form and we’ll have you pre-qualified instantly. It’s free, fast and has no obligation. Getting pre-approved for a Detroit FHA loan has never been easier!

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