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What You Should Know About FHA Loans

by Mary Ann Sawyers
An FHA loan is a mortgage insured by the Federal Housing Administration (FHA) that offers favorable terms for those who qualify, particularly first-time home buyers. Here are some important details:
  1. Is mortgage insurance required? Yes. Because only 3.5% of the purchase price is required as a down payment, FHA loans require you to pay private mortgage insurance. This protects the lender from a loss if the borrower defaults on the loan.
  2. Can you use gift monies with FHA loans? Yes, you may use a gift from a friend or relative for the 3.5% FHA down payment.
  3. Do I get the loan directly from the FHA? No. You need to get your loan through an FHA-approved lender. Costs, services, and underwriting standards vary, so it’s important to shop around.
  4. How do I find an FHA-approved lender? Go to the Department of Housing and Urban Development site at www.hud.gov (then search for “Lender List”), or ask me and I’ll refer you to a trusted lender.

Feel free to call or email me at 361-550-4304 or maryann@maryannsawyers.com

How much money do I need for a down payment?

by Mary Ann Sawyers
financing - Mary Ann Sawyers Real Estate

Your down payment will be based on the cost of the home and most likely one of the following popular loan programs...

  1. Conventional financing – For conventional financing, you need a minimum of 5% up to a maximum of 20% down.
  2. FHA financing – You will need a minimum of 3.5% down.
  3. USDA financing – You may not need a down payment.
  4. VA financing – You also may not need a down payment.
Here are a few more things to know if you go with conventional financing. If you put less than 20% down, you may be responsible for paying private mortgage insurance. Also, the lower your down payment on a home, usually the higher your interest rate and monthly payment. Mortgage lenders tend to offer better terms to those with a high credit score, a higher down payment, and a stable employment history.

Do you have a real estate question you want answered? Feel free to call or email me at 361-550-4304 or maryann@maryannsawyers.com

When you buy a home, you need to know exactly what you’re buying. Imagine how frustrated you’d be to find out that the hot water heater wasn’t working—in the middle of a shower! This is why you should have a home inspection before you buy your home. A home inspection is an important part of buying your home. Before you hire a home inspector, ask candidates a few questions to make sure you hire a trustworthy inspector.

 

  1. What does your inspection cover? Not all inspections are the same. Ask for copies of previous home inspections so you can see exactly what they will check inside the your home. If you are concerned about something specific, like a leaky faucet in the bathroom, mention that to the inspector so they can check it out.
  2. What kind of report will you give me? You should expect a written report detailing what the inspector found. Most inspectors will give you a typed report within 48 hours of the inspection. Make sure the inspector will be available to explain anything on the report that doesn’t make sense to you.
  3. Will I be able to attend the inspection? If the inspector refuses to let you be present during the home inspection, find someone else. This is your chance to know exactly what you are buying and what potential repairs you or the seller will have to make.


As your real estate agent, I will guide you through the home buying process. Let me help you find your new home. Call me today at 361-550-4304 or email me at maryann@maryannsawyers.com. 

HELPFUL LINKS:

    Home inspection - http://en.wikipedia.org/wiki/Home_inspection
    American Society of Home Inspectors. - http://www.ashi.org/
    Easy household repairs. - http://home.howstuffworks.com/home-improvement/repair/5-home-repairs-you-should-do-yourself.htm

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Photo of Mary Ann Sawyers Real Estate
Mary Ann Sawyers
Coldwell Banker The Ron Brown Co.
2505 N Navarro
Victoria TX 77901
361-550-4304

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2505 N Navarro
Victoria, TX 77901

361-550-4304
866-295-0566
MaryAnn@MaryAnnSawyers.com

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