This historic state on the Appalachian should be your ideal place to find a snug little home via FHA mortgage West Virginia. This program comes with distinct advantages including the fact that it is accessible at the lowest interest rates in comparison with its commercial equivalents. At 3.5%, its down payment is also among the lowest in the market with the exception of other government programs including those by the United States Department of Agriculture (USDA) and the Veterans Affairs (VA) both of which have zero money down. By applying via FHA Home Loan Group (fhahomeloangroup.com), you stand to avail a set of other benefits in the following two clusters:
1. Flexible Term.
2. Streamline Refinance.
Flexible Term Advantages
When you apply for FHA mortgage WV, you have a plethora of choices to make concerning the best term for your loan. These include:
- The permanent-rate amortization period that runs for 30 years. This is suitable for applicants who anticipate a stable income in the next three decades. The advantage of this term is that it does not suffer from the market changes, including the recent recession.
- Adjustable Rate Mortgage (ARM) is available for a period of 15 years. Its flexibility lies in the fact that the homebuyer can refinance the existing margin to suit the reigning market rates.
An additional advantage is that you can extend the latter term to the full 30-year period of FHA mortgage West Virginia.
This program comes with a provision known as the Streamline Refinance. It helps you to restructure the rate to a current low market margin. Advantages include:
- When refinancing, you will not need to reappraise the property.
- You will also pay a low Upfront Mortgage Insurance Premium than before at 0.55%. The rate at the application stage for FHA mortgage WV stands at 1%.
There is less paperwork during the refinance process, and thus the ease of application.
Do I Qualify for the Program?
If you meet the following simple guidelines, then you can start the homeownership process right away:
- You have a credit score of at least 620.
- You do not have an outstanding unpaid debt.
- You have settled any previous FHA mortgage WV if you are applying for the second time.
- You intend to live in the home as your primary residence.
How to Apply for FHA mortgage West Virginia
1. Send us your request.
2. Find a lender with HUD certifications.
3. Gain approval from the government.
4. Start the repayment process by remitting the closing costs.
It is never too late to avail the benefits of a financing scheme with the guarantee of the federal authorities when you apply for FHA mortgage West Virginia. We will guide you through every stage, beginning at pre-qualification where we verify your credit score, until the approval stage.
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