ROSEVILLE, CA, July 26, 2009
/24-7PressRelease/ -- Federal Housing Administration (FHA) loans are the ideal vehicle to help consumers make their home-purchasing dreams a reality because of their distinct advantages.
FHA-approved lender Paramount Equity offers a variety of FHA options and is currently closing fully documented FHA loans in as little as two days.
For homebuyers, FHA loans make it easier to qualify since the loan is guaranteed by the government and requires only 3.5 percent down. Additionally, buyers who have not owned a home for three years or longer are eligible for an $8,000 federal tax credit.
With an estimated $290 billion in FHA loans projected for fiscal 2009 (California Association of Realtors), it's clear that FHA is serving an important need for affordable home loans. Mortgages insured by the FHA accounted for 17.1 percent of the total volume in home loans during the first quarter of 2009 - up from just 3.7 percent in 2006 (U.S. Department of Housing and Urban Development).
"FHA loans are a wonderful option, yet many people aren't aware of them when they first contact us," said Hayes Barnard, president and owner of Paramount Equity. "We want to change that and make sure consumers are aware of all their options. FHA products provide incredible flexibility and aren't just for first-time homebuyers."
Several refinancing options are available. Refinances that include cash out to the homeowner are available for lending up to 85 percent of the home's value. Non-cash out refinances can loan up to 97.75 percent of a home's value. Individuals with past bankruptcies and homeowners who have poor credit or lack a traditional credit history may also qualify.
For those looking to get out of debt caused by sub-prime mortgages, FHA loans offer refinance options as well under the "FHASecure" plan. The plan allows homeowners to make timely mortgage payments before their adjustable-rate loans resets. FHA home mortgage refinancing prevents people from losing their homes and tarnishing their credit ratings.
Paramount Equity has its own mortgage banking and underwriting operation; therefore, the company can typically offer borrowers a faster loan process than the competition at very attractive rates. Customers who begin the loan process but don't qualify incur no costs because the company pays for any appraisal or other administrative costs incurred by all unqualified candidates.
About FHA
The Federal Housing Administration (FHA) has helped over 35 million people secure the dream of homeownership since 1934. Backed by the federal government, FHA provides safe mortgage insurance solutions. For more information visit http://portal.hud.gov/portal/page?_pageid=73,1&_dad=portal&_schema=PORTAL.
About Paramount Equity
Paramount Equity was founded in 2003 with a commitment to saving their neighbors money. The company has taken great pride in bringing innovations to the mortgage industry focused upon providing competitive pricing, speed of transaction, and ethical education to mortgage customers. Paramount Equity has served the unique needs of tens of thousands of customers in California, Oregon, Washington, Utah, Arizona, and Virginia. For additional information on Paramount Equity and its services, visit http://www.ParamountEquity.com.
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