Bedrock Lending, a leading resource to find the best mortgage rates in Texas, is offering Federal Housing Administration single family adjustable rate mortgages, for people looking to buy or refinance a primary residence at a lower interest rate.
(prHWY.com) January 3, 2013 - Dallas, TX -- Austin, Texas (November 23, 2012) - Bedrock Lending, a leading resource to find the best mortgage rates in Texas, is offering Federal Housing Administration single family adjustable rate mortgages, for people looking to buy or refinance a primary residence at a lower interest rate. This loan type offers a lower rate than a fixed rate mortgage, and is a good option for short-term home ownership plans.
The FHA program provides indemnity for adjustable rate mortgages and is used in combination with other FHA single-family products. Among these programs are the One-to-Four Family Homes (Section 203(b) and Rehabilitation loans (Section 203(k)). The FHA program (Section 251), insures changeable rate mortgages (ARMs) during periods of high interest rates.
Compared to traditional home loans, FHA home loans offer a more relaxed set of qualifying rules for borrowers. The FHA permits borrowers that have "minor" credit issues or lack a credit history to purchase a home. The program is ideal for first time homebuyers, or people short on funds, to purchase a primary home.
However, it must be emphasized that the FHA is not a loan provider-it is a loan insurer. If the borrower defaults on their payments, the lending entity is compensated from the insurance fund. For borrowers with mitigating circumstances related to bankruptcy filings, they can work around the hurdles their low credit scores present.
For people looking to get low mortgage FHA loans in Texas, people should contact experienced mortgage firms to help them go about the nuances of a FHA loan. Bedrock Lending helps address the needs of borrowers looking to get easier access for the best prices on mortgage loans. They help borrowers get mortgages from direct lenders rather than working with a broker.
For more information, visit
www.BedrockLending.com.
About Bedrock Lending
Founded in 2005, Bedrock Lending helps borrowers get direct-lender mortgage loans quicker compared to the tedious pace of working with a broker. The company became a division of Fairway Independent Mortgage Corporation, a leading loan originator in the United States.
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