FHA loans are quite popular with first-time home buyers

You might have noticed that FHA loans in San Jose are more popular among the first-time home buyers.  It is really difficult for the first-time home buyers to qualify for a mortgage but it is easy to get FHA loans. The best benefit to apply for this loan is you need fewer down payments.  Most first time home buyers do not have the funds available to put 20 percent down at the time of closing.  On the other hand, FHA requires only 3 percent of the loan to be paid at the time of closing. Also, these loans have competitive rates. So, this will equate to a lower payment every month. By having lower rates, you need to pay less over the life of the loan. FHA loans offer lowest interest rates than a traditional 30-year fixed loan.

According to experts helping home buyers with FHA loans in San Jose, these loans allow a high debt-to-income ratio. In case you have other loans like car loans, student loans and credit cards, still, you will qualify for it.

If you want to apply for FHA loans in San Jose, you should take help of a professional mortgage broker. They know everything about applying for these loans. Right from explaining you all the steps to its execution, you will have the broker by your side.

Make a move now to search a professional home loan mortgage broker if you are a first time home buyer and want to apply for FHA loan.