INSIDER TIPS FOR HOW TO GET THE LOWEST 🏡 MORTGAGE RATE NOW!

LISTEN WE KNOW IT IS TOUGH OUT THERE WITH INTEREST RATES WHEN BUYING A HOME, BUT WE HAVE SOME INSIGHT ON HOW YOU COULD POSSIBLY GET THAT RATE WAY DOWN TO UNDER 4% POSSIBLY!! LISTEN HERE FOR HOW WE COULD HELP YOU UNDERSTAND HOW TO MAKE THAT HAPPEN!
What is an FHA Loan?
Briefly explain what an FHA (Federal Housing Administration) loan is.
Highlight that FHA loans are insured by the government and have more lenient credit and down payment requirements.
Mention that FHA loans are assumable, meaning the loan can be transferred to a new buyer.
Taking Over a Previous FHA Loan Interest Rate
Explain that when purchasing a home that already has an existing FHA loan, buyers have the option to take over or "assume" the seller's loan and interest rate.
Emphasize that this can be a significant advantage, especially in a high-interest rate environment.
Benefits of Assuming an FHA Loan
Lower Interest Rate: Highlight that the buyer can potentially secure a lower interest rate than what is currently available in the market.
Avoid Paying Upfront Mortgage Insurance Premium:by assuming the loan, the buyer avoids paying the upfront mortgage insurance premium, which can save thousands of dollars.
Requirements for Assuming an FHA Loan
When assuming an FHA loan, there are specific requirements that the new borrower must meet:
Credit Qualification: The new borrower must undergo a creditworthiness review and meet FHA's credit standards, including a minimum credit score requirement (typically 580 for a 3.5% down payment or 500 for 10% down).
Income and Employment Verification: The new borrower's income, employment history, and debt-to-income ratio will be evaluated to ensure they can afford the monthly mortgage payments.
Down Payment: If the seller has built up equity in the home, the new borrower may need to make a down payment to cover the difference between the remaining loan balance and the home's current value.
Occupancy Requirement: The new borrower must intend to use the property as their primary residence.
Loan Assumption Fee: The new borrower will need to pay FHA's loan assumption fee, which is currently capped at around $900.
What are the Steps to Assume an FHA Loan?
:Find a property with an existing FHA loan. Talk to your realtor about seeing if they are able to find a house that has an existing FHA loan. They should have access to this in the MLS so they can lead you in the right direction!
I would highly Encourage you all to explore this option if they are interested in purchasing a home with an FHA loan.
Be sure that you work with a knowledgeable realtor and lender to navigate the process successfully.
If you have any any further questions or need assistance please feel free to reach out and lets have a chat
And if you are considering coming down to Southwest florida to make it your future home or you are just coming on down to paradise for a vacation, might I suggest you take a look at this video here where we explore all of the best spots on Manasota key and Englewood beach! It was a doozy! cheers!!
We are full-time parents and Realtors with ERA Advantage Realty, Inc. in Port Charlotte, FL. In our free time, we love spending time with our family, boating, working out, and enjoying everything that this beautiful state has to offer. We love showing you the southwest Florida experience.
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