Wilmington, NC (PRWEB) March 29, 2008
Lenders have been reducing the number of low down payment mortgage solutions as a result of the tightening credit markets. In March 2008, the Federal Housing Administration updated its qualifying loan limits throughout much of the country, providing relief to some borrowers. AAXA Discount Mortgage, headquartered in Wilmington, North Carolina, is now offering FHA loans in 25 states. FHA loans are helping to fill the low down payment niche by allowing borrowers to put down as little as three percent.
"With all the turmoil in the credit markets, FHA loan programs are becoming the best financing solution for many homebuyers," said Brian Mitchell, Vice President of Operations at AAXA. "We are fortunate to have access to some of the best FHA pricing in the industry.
"With sub-prime mortgage programs and 100 percent financing products falling by the wayside, there are few options left for those with less than perfect credit. Luckily, FHA's underwriting guidelines gives homebuyers and homeowners hope that they can still buy a home or refinance an existing mortgage even if they have had credit issues in the past. We are now actually seeing scenarios where people with excellent credit can benefit from the flexibility of an FHA loan as compared to conventional financing."
Federal Housing Administration loans are a financing solution designed for the middle class, military veterans, lower income individuals and the elderly. FHA loans are not made by the government but by independent lenders. The government insures the loans so that lenders can feel confident lending to individuals that may be considered a higher risk. FHA loan standards are set by the Federal Housing Administration, which is part of the Department of Housing and Urban Development (HUD). Rates for FHA loans are often comparable to that of conventional financing products, and with the new penalties for lower credit scores and low down payments, FHA loan rates are actually much better in many cases.
For more information on AAXA Discount Mortgage and its FHA mortgage offerings, visit http://www.forthebestrate.com
About AAXA Discount Mortgage:
AAXA Discount Mortgage has been offering its clients some of the lowest mortgage rates and closing costs in the Nation since 2000. AAXA conducts business in 25 states and is headquartered in Wilmington, North Carolina. The company also has full service offices in Arizona, South Carolina, and Texas. AAXA uses state-of-the-art technology to simplify the lending process and drive down the cost of home financing. The company works with some of the country's largest and most progressive wholesale lending institutions to ensure that its customers have access to some of the most competitive pricing and programs in the marketplace. Product offerings include traditional conventional financing such as 30 year mortgages and 15 year home loans, as well as interest only loans, adjustable rate mortgages, jumbo loans, lot loans, VA loans and USDA rural housing loans.
AAXA Discount Mortgage
Wilmington, NC 28403