FHA Loans -
Buying a Home using a FHA Loan
...............................................................................The FHA loan program was created to help increase homeownership. The
FHA program makes buying a home easier and less expensive than other types of real estate
mortgage home loan programs. Some highlights of the FHA loan program are:
- Minimal Down Payment and Closing Costs.
- Downpayment less than 3.5% of Sales Price
- 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:
- Minimum FICO credit score of 620.
- 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.
Following is a list of some the various type of FHA loan programs
available. Next to the name of the program is a brief description of the FHA mortgage
program. Once you find a program that best suites your needs, please click on it for a
detailed program description
- HUD Homes - Financing for HUD homes with as little as $100 down.
- CHDAP
- 100% financing option for first time buyers in
California.
- Nehemiah - 100% financing option provided by Non-profit organization.
- HART - 100% financing option provided by Non-profit organization.
- Access 2000 - 102% financing option for first time buyers.
- 203K - Home improvement & major remodel loan program.
You may find more information regarding the home
buying process, shopping for a home, and additional information regarding buying a home at www.buying-a-home-info.com or
if you may search real
estate listings of homes for sale.
............................................................................... |
