FHA Loans: What They Are And Who Qualifies
Kachi Realty
FHA Loans: What They Are And Who Qualifies
FHA Loans: What They Are And Who Qualifies
In your house hunting you may have come across a mention of FHA loans. FHA stands for Federal Housing Authority, and the loans available through this program are designed to help people qualify for loans and purchase homes more easily. If you are wondering about getting an FHA loan for your home purchase, the first thing to do is to learn a little about them and find out if you might qualify.
FHA And HUD
The FHA is part of HUD—the U.S. Department of Housing and Urban Development. It exists to help people who might not otherwise be able to apply successfully for a home loan purchase a home. The FHA insures the loan against default, which means that if the buyer fails to pay the mortgage, the lender will not lose the money because the FHA will cover it.
Who Can Get An FHA Loan?
Just about anyone can apply for an FHA loan. There are no income level requirements, either on the high or low end, and even people with some credit problems can qualify. You will have to meet a certain credit level, however, and you must have a debt to income ratio that is acceptable for the program to prove you can pay the mortgage.
There are specific FHA loan programs for first time buyers, seniors, and people looking to purchase a “fixer-upper” home as well. The many programs can suit just about any buyer.
Limits With FHA Loans
The main problem many people run into is that the limit on how much you can borrow on an FHA loan may make it difficult to purchase the house you need. Allowable amounts are usually on the low end of the market, and it can make house hunting a challenge. If you are willing to take on a home that needs some work, you will probably have better luck with an FHA loan.
If you need to buy a home with a low down payment and are having a little trouble qualifying elsewhere, an FHA loan might be a good option for you. Every state has different laws and requirements for qualification, so check with your state to find out what the process will be. FHA loans can help people get into a house who might not otherwise have the opportunity to buy.
Useful Information from Kachi Realty LLC
Cut your energy costs with easy home tips. Learn how smart lighting, efficient appliances, and simple thermostat tricks can help you save energy and money year-round.
WAYS TO GO GREEN IN THE KITCHEN Start a garden. Whether you opt for a full-out vegetable garden or a small window of fresh herbs, the taste of freshness will be unmistakable! Shop locally! Visit local farmers markets or choose locally produced produce whenever possible. Bring your own bags when you visit the grocery store. Switch to energy-efficient light bulbs. Save time and energy by cooking a double portion and setting half aside in the freezer for a quick meal at a later date. Get energized and leave the appliances alone. Whenever possible, mix and beat ingredients by hand, cook multiple items at the same time, and avoid washing dishes unnecessarily. Use energy-efficient appliances such as the slow cooker or toaster oven, which can use up to 30% less energy. Be aware of energy wasters such as excessive pre-heating or simmering. Ditch the wraps (such as saran wrap or foil) and make the switch to reusable containers for lunches and leftovers. Put a lid on it! Did you know that cooking with lids could save up to three times the energy? Keep all that steam inside the pot for a more energy-efficient (and faster!) meal. Go fresh—say goodbye to excessively packaged foods, which are often produced using processes that are harmful to the environment. Cooking meals from scratch using fresh ingredients is not only healthier, it’s often less expensive and better for the environment. Decide what you are looking for before you open the fridge, and never keep the door open longer than absolutely necessary.
Water Features For Your Yard A water feature can make a major change in your yard, and there are plenty of different ways to go about adding one. From a simple and small fountain to a koi pond or waterfall, you can use water to create a peaceful sense of a real escape from life in your yard. Small Water Features For small yards or for those looking to add something simple, a basic fountain is easy to add. They come in a variety of types, shapes, and sizes and can fit into any landscaping. Your fountain can be a centerpiece for the yard or can be placed near the patio. You can even get a small tabletop fountain for the patio table. Most fountains are easy enough to install by yourself. They use a pump system that circulates the water and keeps the fountain running. Follow all of the instructions for set-up, use, and care that come with the fountain and you can enjoy the sound of trickling water for many years to come. Adding A Pond A pond is a really eye-catching and special addition to any yard. You will need some space for it, but even smaller yards can manage one. Koi ponds are a very popular choice, as the fish are lovely and create an ambience in the yard. They fit in well with any sort of Japanese or other Asian landscape design, but really extend into other styles as well. Make sure your pond has a system for keeping the water circulating and clean; standing water can become a breeding ground for mosquitoes, and it can get quite dirty over time. It’s best to have a professional install the water system for your pond. Waterfalls You may not be able to have Niagara Falls in your yard to enjoy, but you can get a waterfall added as a feature of your yard. These can be falls that descend over a rock wall, a small stream that runs over consecutive drops in a sloped yard, or something in a corner where water falls down into a small pond. A waterfall adds the sound of moving water to the air all the time. Be sure you have proper drainage for the water system. Water features are a beautiful addition to any yard, and your imagination is really the only limit. Many professionals can help you to design the water feature that is right for your yard and your needs.