A New Era in Mortgages: Exploring the Advantages of FHA’s 40-Year Loan Extension, Effective May 8th, 2023
Mortgage LoanOn May 8th, 2023, the Federal Housing Administration (FHA) will introduce a significant change in the mortgage landscape by extending the traditional 30-year mortgage term to 40 years. This move presents a new range of benefits for LGBTQ+ homebuyers and homeowners looking to refinance. In this blog post, we will delve into the key advantages of this groundbreaking 40-year loan extension. The most noticeable benefit of extending the mortgage term to 40 years is the reduction in monthly payments. By spreading the loan amount over a longer period, borrowers can […]