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How Much Can I Borrow For A Mortgage-New Online Mortgage Calculator Answers Question

(EMAILWIRE.COM, June 13, 2008 ) Detroit, MI-- 221HomeLoans.com announces new online mortgage calculator to help new borrowers figure out how much they can afford to borrow before they apply for a mortgage.

221HomeLoans.com an online loan originator, has been a major beneficiary of many new FHA mortgages, due to the boom of all the homebuyers looking to finance newly built homes that have been discounted by distressed homebuilders, as well as those taking advantage of the large number of foreclosed homes on the market.

A company representative says “The recent mortgage meltdown has caused many foreclosures and bankruptcies for individuals who have found themselves facing financial hardship. Since the federal governments new stimulus package was release earlier this year and FHA mortgages are becoming more and more popular among borrowers with bruised credit, low credit scores or who need a mortgage but have a higher debt-to-income ratio. And that each borrower should use a loan calculator first, to see how much they can afford to borrow, before they commit to a 30 year mortgage”

An FHA mortgage is a government-backed loan, which means that if the borrower should default on the mortgage, the federal government has guaranteed that the lender will be reimbursed and that the government will make good on the loan. To stimulate the ailing housing market an FHA loan is typically easier for a borrower to get.


THE COMPANY:

221Homeloans.com is an online mortgage broker service that specializes in FHA mortgages and currently services all 50 States. Potential borrowers in the market to buy a home can find out how much home they can afford by visiting the company website at http://www.221HomeLoans.com






221 HomeLoans.com

313-263-3599 Ph.
313-481-6270 Fx.

RPP Management
Mark Anderson
313-263-3599
221homeloans@gmail.com


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