Raleigh and Durham FHA Loans

Are you thinking about moving to Raleigh or Durham? If so, right now is the perfect time to apply for an FHA home loan. The Federal Housing Administration (FHA) is a part of the US Department of Housing and Urban Development (HUD) and together they have made homeownership a much more affordable process for millions of American families. Today, the FHA and HUD are offering even bigger and better benefits than ever before to those who qualify.

Conventional Loans vs. FHA Loans

Right now when you apply for a conventional loan in Raleigh or Durham you could expect to pay up to 20% for a down payment on your home. This 20% adds up very fast, especially for first time homebuyers and young families. The FHA seeks to reduce this initial financial burden by only requiring 3.5% down. Plus, the FHA is lenient in regards to who pays this fee. This means that even if you can’t afford a down payment, you can have your friend, employer or even charitable organization supply the money for the down payment on your new home.

Additional Benefits

Not only is the upfront cost for an FHA loan much lower than with a conventional loan, but the overall cost is also much smaller. This is because with an FHA loan you will be offered really competitive interest rates. You also won’t be required to pay for private monthly mortgage insurance. The other benefits extended to you through the FHA include easy approval, streamline refinancing and flexible repayment plans.

Refinancing

If you already have an FHA loan, right now is a great time to refinance for a lower interest rate. With an FHA streamline refinance, you won’t have to provide any additional paperwork or incur any out-of-pocket expenses. Alternatively, you can refinance with a cash-out refinance if you need to borrow money against the house’s equity. This money can be used for anything from paying off outstanding liens to purchasing a new car.

Where to Start

You can start on the road to homeownership today by filling out our pre-approval form. The process is fast, free, secure and has no obligation. Getting pre-qualified for an FHA loan in Raleigh and Durham has never been easier!

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