Are You Looking For More Closet Space?
You can buy a new home for little or no money down, even if you've been turned down by your local bank! If you are looking for your first home, your second home or if you are a real estate investor, we will find a loan to fit your needs. Many programs have become available to prospective home owners with all types of credit backgrounds. Make the most out of your home-buying experience. At First Funding Network Inc., we are here to help you every step of the way, ensuring that the entire process runs as smoothly as possible. Take a look at some of the programs we have available:
Fixed-Rate Loans
With Fixed-Rate Loans, the interest rate and mortgage payments remain fixed for the period of the loan and are structured to pay off the balance at the end of the loan term. They are available for 30, 25, 20, 15 and 10 years with 30 and 15 being most popular. Generally, the shorter the term of a loan, the lower the interest rate. As a result of a shorter loan term, you pay more towards the principle than you would towards interest over a longer fixed loan term. The only difference is that your monthly mortgage payments are substantially greater because the pay-off is being structured over a shorter period of time.
Now is a perfect time to consider a Fixed-Rate Home Loan because you are practically guaranteed a good rate in today's market as opposed to years past. Although your initial payments may be higher than with an shorter-term loan, you will receive added security of a fixed monthly payment for the life of the loan, regardless of rising interest rates. A Fixed-Rate Mortgage is ideal for anyone who plans to keep their home for several years or likes the piece of mind associated with being able to budget more effectively over a longer term.
Government Loans (FHA)
Federal Housing Administration (FHA) guarantees loans that require lower down payments than conventional mortgages. The FHA allows for borrowers with less than perfect credit to receive the same interest rate as a borrower with good credit. While interest rates are similar, credit guidelines are different along with mortgage limits that are determined by area.
Subprime
Are there home loan programs available for borrowers with less than perfect credit? Absolutely! As early as a decade ago, it was very difficult for anyone with bad credit to obtain financing. Subprime Loans are geared toward consumers with less than perfect or non-existent credit histories. They were established on the idea that willing consumers had the ability and desire to repay the debt of the loan.