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Do You Qualify for a HUD Loan?


A HUD mortgage is a home loan sponsored by the government, specifically the Department of Housing and Urban Development. Many first-time buyers qualify for this type of borrowing, even if they do not quality to work with traditional lenders. To learn more about HUD mortgages, read on.

What Makes Them Different?

The FHA, or Federal Housing Authority, insures HUD home loans, which means that lenders feel more secure working with buyers who would not be able to obtain a mortgage under other circumstances.  Beyond that, the restrictions, limitations, and package offerings can be hard to beat, especially for first-time buyers and borrowers with a minimal (or poor) credit history.

Minimal Qualifications

Poor Credit is Okay:  Even if you have a past bankruptcy, history of late payments, or other negatives impacting your credit score, you are likely to qualify through the office of Housing and Urban Development.  
Small Down Payments Accepted:  For as little as 3% down, you can buy property.  That is almost unheard of among traditional banks.  You can even use money from charitable organizations, your employer, or family to finance your down payment.

Other Benefits

Own and Improve:  With a mortgage through the FHA, you can bundle your purchasing costs in with the money you will need to repair or improve your new house, townhouse, or condo.  This way, you only have one, primary mortgage and can begin making the changes you desire right away.  
Keep Your Home:  In a time when so many individuals and families are facing foreclosure and potentially, homelessness, the FHA will help you keep the home that you buy through HUD.  If you ever get in over your head, they will help you find local, state, and federal resources that will help keep you in your house.  
Enjoy Competitive Rates:  The loans given out through the Federal Housing Authority tend to have interest rates that fairly compare to those signed by other lending institutions.  Because they are government-sponsored, they can sometimes offer even better rates than others.

Before You Buy

Before agreeing to any borrowing, or deciding to purchase the home of your dreams, it is important to research not only the property you are considering but also the mortgage you will be paying.  Request quotes from several banks and Housing and Urban Development, too.  Then you can compare terms, rates, conditions, and other factors to determine the best financing situation for yourself or your family.  We want you to be happy and secure in your house and in your lender for a long time to come.


Ways to Improve Your Credit Score:

  Make Sure It's Accurate
    Check for errors on your reports, and follow steps to have them corrected so that you are not being rated inaccurately.
  Pay Your Bills On Time
    Late payments look almost as bad as defaulting, so make sure to keep track and pay your expenses on time.
  Keep Credit Lines Open
    Do not cancel credit cards and other sources of funding that help to keep your borrowing capacity high. Having a low debt to available credit ratio will help your score.
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