FHA Loans are the Best Option for Investors, says Gateway Funding Diversified Mortgage Services, LP

During the recent real estate boom, FHA Loans weren’t very popular as people were flocking to subprime mortgages to obtain finance for their dream homes. But now, as lending standards have tightened people are rediscovering the importance of FHA Loans. The FHA doesn’t directly lend, but insures the home loans that banks give to consumers. An FHA loan is easily approved and mortgage lenders are flexible with their guidelines.

“A FHA Loan has a low down payment, and some of these down payments can come from gifts and grants. You can also borrow almost 97 % of the value of a home. They also have flexible income, debt and credit requirements” says, Dan Catinella of Gateway Funding Inc., a company that offers diversified mortgage services.

“Most lenders have a minimum credit score requirement of 640 or higher. Mortgage lenders want to see that you have a decent history of paying bills on time. For those who have had a foreclosure, lenders will wait for atleast three years since a foreclosure before they approve a new home loan. The same goes for a short sale. However until the three years, you should have a decent record” he adds.

“At Gateway Funding Inc, we provide FHA Loans to homebuyers with limited savings and also to low and moderate income homebuyers as well as a variety of other home loan options. For those who are 62 years or older and have accumulated equity in your home, you can take advantage of the FHA insured reverse mortgage. You could call a Gateway Funding mortgage specialist who can help you with the details. The mortgage specialist can help you analyze and review your residential purchasing options and suggest you the best possible way out” says Gateway Funding Diversified Mortgage Services, LP.

About Gateway Funding Diversified Mortgage Services, LP.

Gateway Funding Diversified Mortgage Services, LP, established in 1994, is one of the largest privately-held mortgage companies in the United States. Gateway Funding is licensed in most states and has office locations across the country to serve you in your mortgage, home finance, refinance and reverse mortgage requirements. Gateway Funding recognize the challenges their clients and borrowers face today and are determined to find the best possible solution for their customer’s current financial needs. Through their website, http://www.gateway-funding.com/, they aim to educate home buyers about the different home loan options and also help them with information on the loan process.