Before you apply for an FHA loan, make sure that you understand all of the options available to you. There are a number of different types of loans that you can obtain from the FHA and start or continue toward the dream of home ownership. fha loans ct options available to you are listed below.
The EEM, or Energy Efficient Mortgage, is available to those who want to lower their energy bills while also decreasing their mortgage rate. The loan is given to enhance the appliances inside of the home to improve efficiency. It helps the homeowner as well as the environment, so everyone wins!
If you are a new borrower, there are a few different choices available to you for home ownership. Again, look at the different options that are available to you. There are some FHA programs available for the type of dwelling that you plan to buy. If you are qualified, you can receive a rehab loan, a new construction loan, or even a condo loan or one that allows you to receive money for a modular home or manufactured house.
The house that you choose to buy with an FHA mortgage must be one that is attached to a permanent foundation or one that can become at a later date acceptable by state law and the lender requirements.
The FHA Adjustable Rate Mortgage is available to refinance homes or to make an original purchase. You can get this loan at the original purchase time or later down the line after you’ve made the purchase. You are using an existing loan in conjunction with this one.
Becoming a homeowner is much easier thanks to the awesome FHA loan options that are available. Do not put off what you can do today to change your life! You will be glad that you did.