St. Louis Mortgages Are Easy With FHA

We know that your mortgage isn’t the first thing that you think about when you wake up, or the last thing you think about when you go to bed. It’s just something that you pay every month, for 30 years, so that you get to keep your house. Well, it’s time to think about that mortgage, folks. Your home loan payment every month is likely your largest expense, and yet, once people get the loan fixed, they just forget about it. Many people don’t even know what their interest rate IS.

People, this is the most important number you need to know concerning your monthly budget. The lower your interest rate is, the less you pay every month. Catching these low interest rates, RIGHT NOW, will save you thousands of dollars over the course of your loan. It’s also a great time to get an FHA Loan.

An FHA (FedNew Home Purchaseeral Housing Administration) Loan is actually a home mortgage loan that’s enforced by the Federal Housing Administration. They come from a federally assisted program that helps borrowers to move into a home, even if they can only put down a small down payment. All that’s required to purchase a home as of right now is a 3.5% down payment. The FHA program goes back to the 1920’s, and the Great Depression. It was created to both give banks insurance and help both current owners and new buyers, while the total amounts of foreclosures and loan defaults were climbing. The FHA Loan operates now in a capacity to help buyers that can’t afford a large down payment, or can’t qualify for private mortgage insurance (PMI). Boiled down, it’s an insurance policy that guarantees the loan, taking the pressure off of the lender, and opening the lender up to make more loans. At The Home Loan Expert, we use FHA for refinancing home mortgage loans as well. Half of the re-fi is now done through FHA mortgage loans. FHA Loan borrowers can get up to 97.5 percent of the value of the home, instead of a maximum of 90-95% for a conventional loan. FHA rates are also lower than traditional loans. It’s the same rate depending on credit score or amount or percent. A conventional loan program uses loan adjusters to determine the rates, changing the percentages. The Home Loan Expert actually underwrites FHA home mortgage loans ourselves, because we are a Direct Endorsed FHA Lender. A majority of mortgage companies, particularly those that lost their FHA endorsement status during the market correction crash when they weren’t being used extensively, have issues becoming an approved FHA lender again, while we maintained our FHA status so that we could continue to underwrite and close FHA loans.

FHA also has lowered their PMI requirement to .85%, making them even more affordable than before, and giving you even more reason to apply for one TODAY.

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The Home Loan Expert, Ryan Kelley has closed over $500 Million in FHA Loans, and we want to make sure that you have the right loan at the lowest rate available. Call (314) 781-9700 or apply online at www.thehomeloanexpert.com today to start saving on your mortgage payment every month. Nobody makes it easier to get an FHA Loan than The Home Loan Expert, Ryan Kelley.

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