Question:

How to find the right FHA house loan in my area?

Answer:

The easiest way to find the best FHA house loan for you is to first have an idea whether you are ready to get an FHA loan.

FHA House Loan - How to Apply Successfully

For an FHA house loan you have to be able to say yes, if asked whether you've had a verifiable steady source of income for the last 2 years; whether you have only little debt; if you could put at least 3% down payment; or if you could afford to make mortgage monthly payments along with your other expenses.

Also, you will need to see what your credit report is doing - usually by applying online for a free credit report from either TransUnion, Experian or Equifax, or even the three altogether.

You have to find out what kind of an FHA house loan you want - FHA offers fixed rate or adjustable rate loans, for purchase, rehabilitation and refinance.

If you are a borrower with excellent credit and enough funds for somewhat bigger down payment, you may be better off with a conventional loan. FHA house loans are designed for people with less funds and lower credit rating than what is needed for a top rate conventional loan. Once you locate lenders offering FHA insured loans, talk to a loan officer and find out whether the FHA house loan will be your best go.

Our advice: Be sure to ask your lender about FHA loans. FHA loans have very competitive interest rates because the loans are insured by the US Federal Government. Even if you have had serious credit problems, such as bankruptcy, it is easier to qualify for an FHA loan than a conventional loan. Also, taking an FIXED rate loan while the interest rates are still low is a smart idea. Check your eligibility here:

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Common misspellings: mortage and morgage