Those of us in the Real Estate Industry, all recognize that FHA is one of the main Loan Products right now for a Buyer to consider. FHA is HUD"s Federal Housing Administration arm which insures mortgages for Lenders/Banks. FHA insured Loans presently offer Borrowers Loan Programs with Lower Downpayment, and more flexible underwriting guidelines, than Fannie Mae, or Freddie Mac (Conventional Loans) Loan Products. What many are not aware of is that HUD is also a great resource for information on mortgage and housing related issues.
The HUD website www.hud.gov is and easy way to find out about all of the Loan Products offered through HUD/FHA, but equally important it offers perspective Buyers great adice on what to watch out for when obtaining a mortgage. There are four links on the HUD website that I feel Borrowers should read to learn about their rights, mortgage contracts, and how to look out for scam artists and predatory lenders:
The four HUD website links are:
- Borrower's Rights: HUD gives a complete list of those rights on this link.
- Predatory Lending: HUD suggests a number of ways to protect yourself from Predatory Lending/Loan Fraud
- Predatory Lending Resources: A list of local resources that can help a Borrower avoid being a victim..
- Fair Housing: If you think that you have been discriminated against in trying to purchase or rent based on race, color, national origin, religion, sex family status, of disability, you can file a fir housing complaint on at this link.
This information should be valuable for anyone that thinks that they have been a victim, or just want information to protect themselves from becoming a victim. The HUD website contains a lot more valuable information on other loan and housing issues well, and should prove to be a valued resource for those who visit it.
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Info about the author:
George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com
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