Potential home buyers at the very start of their FHA home loan journey should take advantage of three free online resources that can help prepare the borrower.
The first of these resources is the online mortgage calculator. These are offered by private agencies such as FHA.com, and by official government websites such as Ginnie Mae. The online mortgage calculator can help you plan and budget for an FHA home loan by showing you whether your current income is enough to qualify based on your monthly debts and other factors.
Another important resource is the Department of Housing and Urban Development’s online Homebuyer’s Kit, which offers everything from a cost analysis of buying versus renting to learning about home buyer’s assistance programs in your state.
This kit is fairly comprehensive and even includes information about how to avoid predatory loans and what to do if you encounter discrimination on the house hunt. It’s a valuable resource all potential FHA loan applicants should read at length.
The third resource is the Department of Housing and Urban Development’s housing counseling referral service. This web page gives you information on how to find an FHA/HUD approved housing counselor in your area, a search tool to locate housing counseling offices near you, and explanation of the possible fees involved and who may be eligible for free counseling services.
It’s very important to comparison shop for an FHA home loan, compare services and rates, and do your best to get the best rates and terms available to you. Starting with these online resources will help you make informed choices as a new house hunter, or refresh your memory if you’re returning to the housing market to find a new home.