If you’re a first time home buyer in Royal Oak, MI, you need to know about the benefits of using FHA mortgage loans to get great deals on homes. Even though getting approved for your first home loan can be a challenge, FHA has remained the loan of choice for first time homebuyers in Michigan. I specialize in Michigan first time home buyers and the prices my clients are paying for homes these days are the prices my clients paid over 10 years ago.
Great Deals Everywhere
One of the benefits of using an FHA mortgage to buy your new Royal Oak home is that you don’t have to come up with as much money as a conventional loan. FHA only requires you to have a 3.5% down payment from your own funds and it’s cool to know that gifts from family or friends counts as “your own” funds. Conventional loans on the otherhand will normally require you to put at least 10% down.
Another benefit of using an FHA mortgage loan to buy your Royal Oak (or surrounding area) home is that you don’t have to have perfect credit to get approved. The minium credit score requirement for FHA loans is only 620 compared with the 720 score you need to get affordable payments ith conventional loans. If you are deciding to buy a home in Royal Oak, Mi, you should know that now is the time. Don’t miss this opportunity to get your great deal on a beautiful home. Feel free to contact me with any questions you may have.
