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Posted by MDM Realty, Inc on 7/25/2017

You may have heard of an FHA loan, and you probably werenít sure if you were eligible for one. FHA loans are insured by the Federal Housing Administration which is a part of the United States Department of Housing and Urban Development.  

 If you have an FHA loan, it includes special mortgage insurance which helps to protect lenders from a loss should the loan be defaulted on.  

Why An FHA Loan?


Due to the extra insurance lenders can offer these loans at an lower interest rates. These loans are also easier to qualify for. This makes affordable housing more accessible. 


Things To Know About FHA Loans


The minimum credit score depends upon the type of loan that you need.

If you have a credit score of 580 or higher, you can provide a down payment as little as 3.5% with an FHA loan. 

If your credit score is lower than 580, you are required to make a down payment of at least 10%. 

If your score is lower than 500, you may be ineligible for an FHA loan all together. 


FHA loans require a low down payment, which is why it is so enticing to buyers. While these types of loans may have limited availability, itís good to do your research and see if youíre eligible. 


Securing The Down Payment


Generally, buyers use their own savings to make a down payment on a home. Some states have government assistance programs that provide grants to be used for a down payment on a home.  


Incentives With FHA Loans


The Federal Housing Administration has special provisions to allow sellers, builders and lenders to pay for some of the other costs incurred while buying a home including the closing costs, appraisal, credit report, or title expenses. This allows builders and sellers to provide incentives to entice buyers. This could have an effect on the interest rates associated with the loan if the lender agrees to pay these costs. Buyers can compare rates with different lenders for these purposes.            


Mortgage Insurance And FHA Approved Lenders


The Federal Housing Administration is a provider of insurance and not a lender. You must be sure that you go with an FHA approved lender in order to get your loan in check. This is where itís important to shop around for benefits, loan standards and rates.  


The re are 2 required insurance premiums for FHA loans. The upfront premium is about 1.75% of the loan amount. This is paid at the time the loan is secured and can be financed as part of the loan amount. The second premium is the annual premium which is paid monthly and varies based on factors such as the length of the loan.  


As you can see thereís many benefits for home buyers who need additional mortgage insurance and assistance in buying a home. Talk to your lender about how you can secure an FHA loan today and make buying a home a reality. 









Tags: fha loans   Financing   home loans  
Categories: Uncategorized  


Posted by MDM Realty, Inc on 7/20/2017


1504 Windsor Dr, Framingham, MA 01701

Condo

$239,999
Price

4
Rooms
2
Beds
1/1
Full/Half Baths
Beautiful move in ready 2 bedroom townhouse at Windsor Green is ready to impress. Kitchen is immaculate updated and offers great appliances as well. The open living room dining room with new laminate flooring has lots of natural light and sliders that lead right out to your own private fenced in patio area with exterior storage. Both bedrooms are generously sized and have good closet space. In unit laundry as an added bonus to all that this unit has to offer. Windows and slider recently updated as well as kitchen and bathrooms! Complex has a stunning pool area, basketball court and private residential playground. All this and close to great routes for commuting... who could ask for more?
Open House
Sunday
July 23 at 12:00 PM to 2:00 PM
Brand new to the market!!
Cannot make the Open Houses?
Location: 1504 Windsor Dr, Framingham, MA 01701    Get Directions

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Categories: Open House  


Posted by MDM Realty, Inc on 7/20/2017


1504 Windsor Dr, Framingham, MA 01701

Condo

$239,999
Price

4
Rooms
2
Beds
1/1
Full/Half Baths
Beautiful move in ready 2 bedroom townhouse at Windsor Green is ready to impress. Kitchen is immaculate updated and offers great appliances as well. The open living room dining room with new laminate flooring has lots of natural light and sliders that lead right out to your own private fenced in patio area with exterior storage. Both bedrooms are generously sized and have good closet space. In unit laundry as an added bonus to all that this unit has to offer. Windows and slider recently updated as well as kitchen and bathrooms! Complex has a stunning pool area, basketball court and private residential playground. All this and close to great routes for commuting... who could ask for more?
Open House
No scheduled Open Houses

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Tags: Real-Estate   Framingham   01701   Condo  
Categories: New Homes  


Posted by MDM Realty, Inc on 7/20/2017

This Condo in Hudson, MA recently sold for $282,999. This Townhouse style home was sold by - MDM Realty, Inc.


111 Brigham St, Hudson, MA 01749

Condo

$279,999
Price
$282,999
Sale Price

6
Rooms
3
Beds
2
Baths
Stunning contemporary in Hudson's sought after Assabett Village complex with easy access to routes 290, 495, 85, and 62. This recently renovated unit is sure to impress the fussiest of buyers. Kitchen was recently updated with new stainless appliances, and beautiful granite counters accentuating the subway tile back-splash and new light fixtures. Kitchen has breakfast bar and is open to dining room and living room for that open concept feeling. 3 Bedrooms and 2 fully renovated baths, vaulted ceilings in master and very generous closet space for all bedrooms. Hardwood flooring throughout. Central AC, Gas Heat and great deck for entertaining.

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Tags: Real-Estate   01749   Condo   Hudson  
Categories: Sold Homes  


Posted by MDM Realty, Inc on 7/20/2017

This Condo in Oxford, MA recently sold for $159,900. This Townhouse style home was sold by - MDM Realty, Inc.


53 Plantation Rd, Oxford, MA 01540

Condo

$159,900
Price
$159,900
Sale Price

5
Rooms
2
Beds
2
Baths
Move in Ready 2 Bedroom 2 Full Bath Townhouse style condo at Plymouth Village waiting for its new owners! Walk into this End Unit and enjoy the Large Living Room w/Granite Surround Fireplace and Bay Window, the Large Eat In Kitchen with Tile Flooring and access to Rear Deck and a view of lush green grass and privacy of the tree lined rear border. The second floor boasts a very large Master Bedroom w/Double Closets, second Bedroom, also w/Double Closet, and a large Full Bath. Need Storage Space? Look no further than the Lower Level finished Room - great for storage or Office Space. Separate Laundry Area off the One Car under Garage and enough room in the Garage for a Work Bench! Peaceful living at this complex and remember - you don't have to do any mowing or snow plowing - just relax and enjoy!

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Tags: Real-Estate   Condo   Oxford   01540  
Categories: Sold Homes