Do a Google search on the phrase “2019 rent increase” and you’ll find plenty of talk about higher rents.
That “higher rents in 2019” includes one article published by Wilmette Week discussing the possibility that the State of Oregon may be considering state-enforced rent control with possible yearly rental increase limits of five percent.
The fact that Oregon is considering this as a state-wide measure may not reflect the state of rent increases nationwide, but it certainly is food for thought for anyone living in or near that area.
Is 2019 the year to consider buying a home with a low-down payment FHA mortgage instead of submitting to yet another rent increase?
Some housing finance blogs and real estate bloggers are discussing how renters in 2018 spent more than the net worth of Amazon CEO Jeff Bezos-well over $5 billion-on rental payments.
What can an FHA mortgage do to help renters become home owners?
For starters, the general FHA FICO score requirements for FHA loan approval (FHA standards, not lender requirements, which may vary) are lower than conventional mortgages.
Furthermore, the 3.5% down payment requirement is lower than many non-government backed loan options depending on the lender, current mortgage trends, and the borrower’s financial qualifications.
FHA loans are for any financially qualified borrower, and you do not have to be a first-time home buyer to qualify.
You do have to have 12 months of on-time payments on your financial obligations, patterns of dependable credit management, or be able to show on paper that past financial troubles were one-time issues due to circumstances beyond your control.
FHA home loans are not limited to a certain income bracket, they are not restricted to suburban homes.
You can buy condo units, mobile homes, manufactured housing, or have a house built for you from the ground up using an FHA One-Time Close construction loan.
Talk to an FHA lender today about your home loan options in 2019. You may be surprised at the options you have for both new purchase loans and refinancing FHA or non-FHA mortgages into a new FHA loan.