Reason to choose FHA home loans from Prodigy Lending in North Richland Hills, Texas
The Federal Housing Administration is a department in the federal government that aims at ensuring decent and affordable housing to as many people as possible. This department has led to the existence of FHA home loans. VA home loans are another example of products availed by the government. The only difference is that VA home loan requirements demand applicants to be eligible militants. Prodigy Lending has mortgage professionals all over the U.S meaning that your needs can be met regardless of where you are located. In addition to this, a variety of products are offered, with FHA home loans being one of them. The following are some reasons to choose FHA home loans from Prodigy Lending in North Richland Hills:
- Attractive interest rates – interest rates are what determine profits for the lender. For you, as the borrower, they determine your monthly obligations. Different loans and lenders attract their own interest rates. For instance, VA loan interest rates have different determining factors in comparison to conventional ones. If rates are high, this means that your monthly obligations also increases. If they are low, your monthly financial obligations are reduced. You should, therefore, seek to determine what leads to fluctuations in interest rates. Prodigy Lending offers attractive interest rates for FHA loans meaning that the total cost of acquiring your loan will be greatly reduced.
- Higher debt to income ratio requirement – a debt to income ratio is the percentage of your monthly earnings over expenditures. Most lenders require a lower debt to income ratio so that they are assured of your payment ability. If you are unable to meet this requirement, the possibility of being approved are very low. Prodigy Lending, however, allow for a higher debt to income ratio meaning that even if your earnings are not certain, you can still receive an FHA home loan.
- Low down payment requirement – this is a percentage of the home’s value that every lender expects you to meet. It varies from loan to loan. With VA home loans, for instance, down-payment is optional. This means that failure to pay does not mean that your loan will not be approved. With conventional loans, the down-payment can be 3% or even 20%. Prodigy Lending allows for 3.5% which is affordable. If you cannot pay, FHA home loans allow for other persons to meet the requirement.
- Easier to qualify – as stated earlier, FHA home loans from prodigy Lending have a higher debt to income ratio requirement, unlike other mortgage products. Additionally, the credit requirement is not that strict. This means that even if your credit history and income status are not that pleasing, you can still get a loan to buy your desired home. Your chances of qualifying for this home loan are, therefore, very high with Prodigy Lending.
Buying a home is very demanding especially in terms of the money factor. You may feel discouraged to even approach a lender if your financial status is not that good. With Prodigy Lending, you have a high chance of receiving a loan that will make your impossible dream come to life.
Please contact us for more information!