The FHA
program makes buying a home easier and less expensive than
other types of real estate mortgage home loan programs. Most
first time home buyers will use an FHA mortgage. Some highlights
of the FHA loan program are:
Minimal Down Payment and Closing
Costs.
- Downpayment less than 3% of Sales Price
(Can be gifted)
- 100% Financing options available*
- Gift for downpayment and closing costs
allowed.
- No reserves or required.
- FHA regulated closing costs.
- Seller can credit up to 6% of sales
price towards buyers costs
Easier Credit Qualifying Guidelines
such as:
- No minimum FICO score or credit score
requirments.
- FHA will allow a home purchase two years
after a Bankruptcy.
- FHA will
allow a home purchase three years
after a Foreclosure.
Easier
Debt Ratio & Job Requirement
Guidelines such as:
- Higher Debt Ratio's than other home
loan programs.
- Less than two years on the job is allowed.
- Self-Employed individuals o.k.
These advantages of the FHA loan
program has made it one of the best options for most first
time home buyers as well as move-up home buyers.You do not have to be a first time
buyer to obtain a FHA loan, anyone may use a FHA loan
as long as you do not have more than one FHA insured loan
at any one time.
Questions?
LendFast.com - Fha Loan Basics
