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Hi,
I’m Mike Behrens, President of Homestar Financial, LLC. We understand how difficult it can be to get a home mortgage loan if you do not meet the typical requirements, like having a credit history or proof of income. We believe that this should not keep you from owning a home. Fortunately, the Federal Housing Administration (FHA) agrees.
The FHA works with us to insure loans to otherwise creditworthy people who have a hard time meeting the standards usually required for obtaining a home mortgage loan. Here’s how it works: FHA promises insure the lender’s money if the borrower defaults. This money comes from a fund made up of the mortgage insurance premiums charged on all FHA loans. Since the FHA has insured the loan, the lender can issue loans to slightly higher-risk borrowers at better rates than they would normally qualify for. So everyone wins!
Another feature of the FHA’s loan program is the Reverse Mortgage. This allows people over the age of 62 to take cash out of their home while still living in it, and never make another mortgage payment. For more information on this unique type of mortgage click here.
We hope that you find this site informative and interesting. If there are any things that we did not adequately explain, please feel free to contact Homestar Financial. We will explain to you, in plain English, the details of the FHA loan process. Remember: ask questions; become a knowledgeable borrower. We want to help you obtain the lowest rate on a loan specifically tailored to your financial situation!
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