Home ownership has long been the American dream and there are many tangible benefits, which include stability in housing costs and building home equity. But with the rise of home prices and interest rates, a growing number of people are finding themselves priced out of their local markets.
In situations like today, traditional products, including the 30-year fixed mortgage, may not be the best fit. That’s why prospective homebuyers should explore all options, which include Federal Housing Administration and affordable home loans. Homebuyers may not necessarily think first of these loans, but qualifying borrowers may benefit from features that are not widely available with other options. Mortgage loans are subject to credit approval — so being creditworthy makes it more likely that your loan will be approved.
Source: idahostatejournal.com