subject: My Dream Home In Orange County, Ca - Fha Loans Made It Possible [print this page] What the FHA does basically is to accredit lenders with the authority to pass on loans to prospective homeowners with the guarantee that if the borrowers default; the lenders money would not penalized. Since this is a government backed guarantee, it helps to relax the strict guidelines that have been put forth by a majority of the lenders to do away with defaulters. Result: home loans are now more easily available than they were in the past year or so. Lets take a look at some factors that make buying houses the perfect decision in todays times.
The first factor of course is that of affordability, with the availability of home loans in many areas, it is very easy to get a dream house in the locality of your choice. Currently, FHA loans in Orange County, San Francisco, etc., are hot offers for home-seekers. And thanks to the fact that there is a very low rate of interest, these loans have become all the more lucrative.
The second factor is one of government incentives on FHA loans. Orange county, besides being one of the best residential places to live in, also comes with some government incentives for those taking home loans certified by the FHA. For those who qualify you can claim up to 10% of the closing price of the home with a maximum credit of $8,000. This credit is refundable. What this means is that if you owe less than $8,000 in federal taxes the difference will be paid to you. The new bill extends the expiration date on signing a sales contract to May 1, 2010 and the home must now close before July 1, 2010. An additional year has been added to these dates for military personnel who have served extended duties outside of the U.S.
The legal term first time home buyer is described to mean anyone who has not purchased a home in the past three years. This has led to an instant rise in the number of loan applications.
The third point that makes FHA loans in Orange County an absolutely irresistible offer is that there are now mortgage protection programs in case you are worried about the payments in case you are unemployed in the future. A Housing Affordability Fund Mortgage Protection Program is on offer from the California Association of Realtors, with some other lenders also offering the same.
So, if you are considering buying a home, an FHA loan in Orange county or similar areas is the perfect solution to all your problems.
by: Brian Rich
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