FHA-FHA-FHA-
That's not the cheer for the U.S. Hockey Team. That's the topic for today's "home mortgage" tip and promised advise on how to get through this home mortgage mess if you are caught some where in the middle, ie: have a sub-prime home loan that's about to adjust, trying to buy a new house and are worried about financing. Maybe you are selling your home or condo and are worried that you and the buyer will show up to close and his lender wont.
The Federal Housing Administration, or FHA can be your best friend and resource as we un-muddle this Home Mortgage mess were in. For many years, (since 1934) Home-buyers have looked to FHA for advise and mortgage guarantees when purchasing a house, or condominium. Keep in mind, FHA doesn't actually lend the money, they just guarantee the home-mortgage so that the lender can offer a better more affordable rate. There are many lenders that will work with you and FHA to buy a house or condo. Whether you are looking to buy a house in West Jordan, or Murray. a condo in South Jordan, horse property in Riverton or Herriman or financing a starter home in Taylorsville, look for a local lender first.
In keeping with the concept of providing information for you, I am hooking you up with a good site to give you an overview of various FHA programs. It's not a local site, but has a lot of good housing/loan information. Frankly I couldn't find a very informative local site, so I "borrowed" this one from our good friend, The Phoenix Real Estate Guy, Jay Thompson. If you see something here you like, contact me and I will recommend some local lenders with good experience but maybe not such hot web sites. Or call your favorite lender or Realtor for more info.
To access the site, click FHA LOANS then follow where it leads.
Once again, If your in a loan that can readjust, GET OUT!!!! If it's readjusted already and the payments are killing you, Talk to an HONEST LENDER. Don't sit back and let this market get you, GET OUT AND DO SOMETHING !!!
Good Luck, and call if I can help. 801-567-0946