Almost everyone applies for a mortgage loan in order to buy or build the house if the dreams. But these loans need to be repaid on time that is the right installments along with the whole amount of interest. But at time some people fail to pay their EMI's due to some financial problems. But you need to know that the banks are not lenient and they will want all of their payments to be made on time. So if you want to save your house before the foreclosure then you should consider applying for an FHA loan. The FHA loans have gained a lot of popularity over the years. It is known for providing financial assistance for those in need. So if you think that you qualify for this loan then you should apply for it because it may help you save your house. The FHA loans are given to people in need and as these people don't have a lot of money the rate of interest for repayment of the loan will be les and the installments will also be less, so this make it affordable to the applicants.
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In order to qualify for the FHA loan you will have to fulfill the following terms. According to the modified agreement if the loan was taken out before the 1st of January, 2009 then you can apply for it. If you have a steady income, which means that, if you have a job that pays you well then you won't qualify. If the house that you are living in is given as your primary residence then you will qualify for this loan. If you don't register the house as your primary residence then you will have a problem.
The lender will also check your history of payments to check if you have been making your payments on time. He will also check if you have been paying the amount in full. If there is even a slight problem that cannot be explained then you will not qualify. You will have to make it a point to show a good record as this will also play a major role in the rate of interest that you will have to pay. If you fulfill all the required terms then you will receive financial assistance and you won't lose your home. You should get tin touch with the lender and check if you will be provided with financial assistance, as soon as possible.
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