Believe it or not, El Paso FHA home loans have been helping families become homeowners for the past several decades. In fact, it has been helping families since 1934. But what exactly are these loans and how do they work?
El Paso FHA (Federal Housing Administration) home loans make it easier for people to get homes. It can insure the loan, which in turns gives the lender a chance to give you a better deal. Better deals can consist of low down payments, low closing costs and easy credit qualifying.
When you are planning to buy your first home, it is one of the tools you might need. A down payment can be as low as 3.5 percent of the purchase price and most of the costs that we talked about above can be included in the loan. Usually with these loans, they are available on 1-4 unit properties.
But these loans care not only for meant for new homes. These loans can also been used on homes that are fixer-uppers. And if you are thinking of making your home more energy efficient, then these improvements can happen with a FHA energy efficient mortgage.
And there is no worry about your age either when it comes to the FHA. There is financial help for seniors in the form of FHA reverse mortgages. All that has to happen is you be older than 62 years old, live in your home and own it outright or have a low loan balance.
If you are interested about El Paso FHA home loans, feel free to contact Marquis Realty. We are located at 1473 N Lee Trevino. Or you can call us at 915.921.1003.