Thinking of purchasing a home in the Auburn or Opelika area and are considering using an FHA mortgage? Unlike a conventional loan, an FHA mortgage is backed by the federal government. Simply stated, lenders have some protection offered by the government in the event the homeowners stop making payments. With this protection, FHA approved lenders are able to offer mortgages with enticing rates for people that might not qualify for a Fannie Mae or Freddie Mac home loan.
With that in mind, there are some specific FHA guidelines that must be followed. Prospective buyers need to keep these in mind when shopping for their home. Please check out the below link for the 10 FHA Guidelines that you should know about to see if an FHA mortgage is the correct option for you.
For all of your real estate needs in the Auburn-Opelika area please contact me at (334) 332-7263 or email me at LauraSellers01@Gmail.com or visit my website. I look forward to helping you find the home of your dreams or sell your existing home.