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Dearborn Trade Publishing Secure Your Financial Future Investing In Real Estate_8

Tham khảo tài liệu 'dearborn trade publishing secure your financial future investing in real estate_8', tài chính - ngân hàng, ngân hàng - tín dụng phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | 144 SECURE YOUR FINANCIAL FUTURE INVESTING IN REAL ESTATE For the remainder of this chapter we will examine each of these money sources in detail. Let s begin by seeing how Uncle Sam is willing to help. GOVERNMENT LENDING As demonstrated earlier the best source for government-supported financing for owner-occupied units is the Federal Housing Administration FHA . Note that the FHA doesn t provide the actual funds for mortgages but rather it insures home mortgage loans made by private industry lenders such as mortgage bankers savings and loans and banks. This insurance is necessary because FHA loans are made with such low down payment options and encouraging interest rates and terms compared with those of the conventional lending market. The following chart illustrates the maximum loan amounts available for FHA loans in the Southern California area. These limits change depending on which region of the country you re buying in so make sure to check with your local lender to determine the limits in your area. Number of Units Orange County Los Angeles San Diego One 261 609 237 500 261 609 Two 334 863 267 500 334 054 Three 404 724 325 000 404 724 Four 502 990 379 842 468 300 One huge advantage of FHA loans is that they offer great leverage to the investor. With a minimum requirement of just 3 percent down these loans can be for as much as 97 percent of the purchase price as demonstrated with our example. Remember however FHA s primary objective is to encourage home ownership by firsttime buyers. Therefore one stringent requirement of the FHA pro FINANCING REAL ESTATE 145 gram is that a buyer live in the property for a period of time as his or her primary residence. For young people this often works out great but for those who are already established in their own homes this particular FHA requirement may put this loan out of reach. If you can make the move into an owner-occupied FHA loan property however the two- to-four unit market usually has the greatest selection of