Tuesday, May 1, 2012


Posted at 05:30 AM ET, 05/01/2012

How to find the best home loan for you

Right now, Washington is one of the top 10 real estate markets in the country, enjoying some of the lowest mortgage rates in the nation with an average of 4.08 percent for a 30-year fixed rate mortgage. For
(MARK R. RUMMEL - AP)
those looking to buy a new home, now is the perfect time to get off the fence and take action. But what option is best for your financial future? This is a question too few people take the time to thoroughly research and find out.

Consumers are burdened with untangling complicated housing policy and regulation when it comes to achieving the dream of home ownership. For example, the Federal Housing Administration (FHA) recently revised its policies regarding home loans and refinancing. Starting in July, borrowers in ongoing disputes with creditors over debts of $1,000 or more may no longer qualify for FHA-insured loans — even if they have perfect credit. This will cause complications for millions of people, not only in Washington, but across the nation.

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