Craig Morrison - Ashland, MA Real Estate, Framingham, MA Real Estate, Hopkinton, MA Real Estate


You may have heard of an FHA loan, and you probably weren’t 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, it’s good to do your research and see if you’re 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 it’s 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 there’s 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. 







Categories: home loans   loans   Financing  
This Single-Family in Ashland, MA recently sold for $675,000. This Colonial style home was sold by Craig Morrison - REALTY EXECUTIVES Boston West.


1 Esther Ln, Ashland, MA 01721

Single-Family

$659,900
Price
$675,000
Sale Price

10
Rooms
4
Beds
2/1
Full/Half Baths
This absolutely stunning colonial is located in a small cul-de-sac neighborhood close to the train station and the Ashland State Park. Including the finished basement, this house has over 4000 sqft of living space, a 1st floor office, two story foyer, lots of hardwood flooring, and 9' ceilings. Your dream kitchen awaits you with cherry cabinets, huge center island, granite counters, stainless steel appliances, and double ovens. Spacious family room with fireplace and cathedral ceilings. The living and dining rooms open to each other with columns and crown molding. Your master suite has a tray ceiling, and private siting room with a gas fireplace. Master bath has a large whirlpool tub and double sinks. Nice yard with brand new fence.

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Categories: Sold Homes  
This Single-Family in Ashland, MA recently sold for $595,000. This Colonial style home was sold by Craig Morrison - REALTY EXECUTIVES Boston West.


83 Cedar St, Ashland, MA 01721

Single-Family

$599,900
Price
$595,000
Sale Price

9
Rooms
4
Beds
2/1
Full/Half Baths
This spectacular home has it all! Stunning kitchen with center island, granite counters, wood floors, stainless steel appliances, and walk-in pantry opens to a grand size family room with high ceilings, gas fireplace, and skylight. Gleaming hardwood floors, farmer's porch, two story foyer, 1st floor office, master bedroom with walk-in closet and full bath with double sinks and whirlpool tub. Central air, nice backyard, close to highway access and the commuter train station.

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Categories: Sold Homes  
This amazing home has an awesome floor plan and is located in the desirable Blossom Estates neighborhood. Close to everything including shopping, schools, highway access and the commuter train station. Soaring two story family room with fireplace opens up to a spacious kitchen with huge center island. The large deck over looks a nice backyard abutting acres of woods. Private 1st floor office, formal dining room, and living room with built-ins and french doors round out the main level. Luxurious master suite with tray ceiling, gas fireplace, and walk-in closet. Stunning master bath with double vanities and whirlpool tub. Bedrooms 2 and 3 share a jack and jill bath and bedroom 4 has its own private bathroom. Two story foyer, 9' ceilings, brand new high efficiency heating and a/c system, new roof in 2011, beautiful hardwood flooring.

More Info on this Property | New Listing Alerts

Categories: Uncategorized  


55 Blue Jay Ln, Ashland, MA 01721

Single-Family

$659,900
Price

9
Rooms
4
Beds
3/1
Full/Half Baths
This amazing home has an awesome floor plan and is located in the desirable Blossom Estates neighborhood. Close to everything including shopping, schools, highway access and the commuter train station. Soaring two story family room with fireplace opens up to a spacious kitchen with huge center island. The large deck over looks a nice backyard abutting acres of woods. Private 1st floor office, formal dining rooms, and living room with built-ins and french doors round out the main level. Luxurious master suite with tray ceiling, gas fireplace, and walk-in closet. Stunning master bath with double vanities and whirlpool tub. Bedrooms 2 and 3 share a jack and jill bath and bedroom 4 has its own private bathroom. Two story foyer, 9' ceilings, brand new high efficiency heating and a/c system, new roof in 2011, beautiful hardwood flooring.
Open House
Sunday
April 23 at 12:00 PM to 2:00 PM
Cannot make the Open Houses?
Location: 55 Blue Jay Ln, Ashland, MA 01721    Get Directions

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