First time home buyers can find the experience thrilling, but very nerve wracking at the same time. A little research goes a long way to help make the process go more smoothly. These days, the internet is a great tool for home buyers. Almost 80 percent of all home searches begin on the internet. Finding the perfect home is not the only step for first time home buyers. Loans and mortgages can assist buyers that qualify, and make the paying process easier.
FHA home loans are a type of federally assistance to help lower income person or families borrow money in order to afford the purchase of a home. Fha home loan lenders are private parties that provide the money for the loan. The FHA does not actually make loans, rather they insure the loans made by loan officers are private lenders. Loan officer duties include evaluating the qualifications of a buyer, recommend approval and authorizing a loan or mortgage application. Becoming a loan officer requires years of banking experience as well as sales confidence. As the housing market continues to make a come back, housing loan officer jobs are on the upswing and becoming a loan officer now is a great option for business professionals.
The FHA analyzes the qualifications of each loan applicant before approving an insured loan. The FHA does not actually mandate a minimum credit score, instead the credit worthiness of each borrower is considered in context. When an FHA loan is taken out, some of the closing costs, such as an appraisal, credit report or title expenses, may be paid by the home sellers, builders or lenders. The FHA offers a special loan product, called a 203(k), for borrowers who need extra cash to make repairs to a home. With assistance from the FHA, a first time buyer who thought they maybe could not afford the home of their dreams now have a viable option.