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FHA Government Loan

Provided here is some general discussion about FHA and conventional mortgage loans. Joe Migliaccio will listen to your needs and recommend the type of loan that will work best for your situation. Joe, with his years of mortgage lending experience, can tell you more about these two types of loans, and guide you to the right loan. You may apply directly from the website or give Joe Migliaccio a call, Phone: (734) 506-6300 Ext 364; Mobile: (734) 341-4322; he’s always ready to help.

An FHA loan is insured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD). The FHA does not loan money to borrowers, rather, it provides lenders protection through mortgage insurance in case the borrower defaults on his or her loan obligations. Available to all buyers, FHA loan programs are designed to help creditworthy, low to moderate income families who do not meet requirements for conventional loans.
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Conventional Financing

One of the advantages of a conventional loan is that the borrower can avoid paying the upfront mortgage insurance and possibly the monthly mortgage insurance of an FHA Loan. If a borrower makes a down payment of less than 20 percent on a conventional loan, the rates of mortgage insurance vary according to credit scores, debt-to-income ratio, the type of mortgage insurance a borrower chooses, as well as the loan-to-value ratio.

Sitting down with your mortgage banker Joe Migliaccio, can give you a feeling of confidence. When you work with Joe, he answers your questions and makes applying for a mortgage easy to understand. That takes a lot of stress out of the process. You don’t have to go it alone when you apply for your mortgage! Get the best loan officer serving Woodhaven and the entire Downriver area – call Joe Migliaccio today! Phone: (734) 506-6300 Ext 364; Mobile: (734) 341-4322

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