The FHA Mortgage in the Long Beach Island NJ Real Estate Market
Click here to search all homes for sale in the Long Beach Island NJ real estate market
LBI Real Estate Market FHA Mortgages 
LBI Real Estate Market FHA Mortgages 
LBI Real Estate Market FHA Mortgages
Long Beach Island Real Estate
The FHA mortgage is a great option for many Long Beach Island NJ home buyers because it has an attractive interest rate and down payment requirements. FHA mortgages are available in the LBI NJ real estate market to those who do not meet the strictest credit standards, benefiting first-time homebuyers or those with less than perfect credit. This blog post will discuss how FHA loans work in the Long Beach Island NJ real estate market and tips on getting approved for an FHA loan.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market
LBI Real Estate Market FHA Mortgages
Before we begin, I must point out that I am a real estate agent on Long Beach Island; I am not a mortgage lender. All borrowers should discuss their lending needs with a lender to confirm anything they read online.
FHA loan interest rates are usually .25% to .50% below market value, and these savings are often added into your monthly payment.- FHA mortgage loans typically have lower interest rates than conventional mortgages, saving you money in the long run. This also makes it easier for borrowers with less perfect credit histories or low down payments because they might not be able to obtain a competitive rate on their own.
- FHA loans only require a minimum of just three percent down when purchasing real estate – making it an attractive option for first-time home buyers! This means that FHA requires far less cash upfront than other options, so if you have limited capital reserves, then FHA may be right for you! FHA loans are often available to those with lower credit scores, bad debt-to-income ratios, and other factors that would preclude them from receiving an FHA loan.
- FHA mortgages require borrowers to pay for mortgage insurance premiums (which protects the lender in case of default) which will be added to your monthly payment – but this can actually save you money because FHA requires higher down payments than conventional lending institutions! FHA has historically required anywhere between two percent and six percent down when purchasing Long Beach Island NJ real estate, depending on many different factors like credit score, income qualifications, etc. In contrast, standard banks only require three percent or more cash outlay.
The FHA Mortgage in the Long Beach Island NJ Real Estate Market
If you think FHA is the best choice for you and Long Beach Island NJ real estate, it is best to speak with a lender who handles this kind of loan in the Long Beach Island real estate market. I am happy to introduce you to several local lenders who can answer your questions. For more information about buying, selling or investing in the Long Beach Island real estate market please do not hesitate to contact me.
By : Nathan Colmer | LBI Real Estate Agent | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market
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