For borrowers looking to secure a mortgage, it is not always easy gaining the approval of a lending institution. Nowadays, more stern credit requirements prevent several shoppers from securing a mortgage. This realization has left many without a home. In addition, current homeowners have had to seek a refinancing option since the value of their property is now less than the remaining loan balance on the mortgage. Fortunately, the Federal Housing Administration (FHA) has stepped in to help first-time borrowers and borrowers with a poor credit history in obtaining a mortgage.
Several of today’s major banks offer FHA loans. If I personally needed one of these mortgages, I would shop the top 3 or 4 lenders. There is simply no reason to deal with anyone else.
For instance, Chase Mortgage provides details on its website about the specifications and terms of an FHA loan vs. a conventional loan. It is crucial that one consider these differences when looking to obtain a mortgage. The Chase website lists the ease of approval in obtaining an FHA loan in addition to the benefits to the borrower. It is also mentioned that interest rates may be more favorable under this option.
More information at https://www.chase.com/chf/mortgage/fha_about.
Bank of America is another one of the organizations that offers FHA approved loans. Many note that Bank of America has a more simplified navigation system when compared to Chase. Ultimately, the websites that disclose the most information tend to attract more customers, as consumers in today’s market generally have limited knowledge of the real estate business. The Bank of America website gets straight to the point, stating that the purpose of the Home Affordable Modification Program that was established by the Federal Housing Administration is to lower the overall monthly payments for a borrower.
More information at: FHA Home Affordable Modification.
One additional institution is Wells Fargo Home Mortgage. The website makes it easy for users to find out whether or not they qualify for FHA loans and how the application process works. Features available on the site allow a user to find out more information regarding the loans that Wells Fargo has to offer.
Information regarding loans available through Wells Fargo can be found at https://www.wellsfargo.com/mortgage/...ons/government.
As can be seen, there are a limited number of institutions that offer these types of mortgages.