Why A FHA Loan?
The FHA loan program was created to help increase home ownership. The FHA program typically makes buying a home easier and less expensive than other types of loan programs.
The FHA Loan Place can connect you with a FHA Loan Specialist who can answer all of your questions and help you with the mortgage process. Call us toll free at 1-866-704-2826 to speak with a FHA Loan Professional today.
Some Advantages of a FHA Insured Home Loan Are...
Minimal Down Payment and Closing Costs:
- Down payment less than 3% of Sales Price
- Gifts for down payment and closing costs allowed.
- No reserves are normally required.
- FHA limits the closing costs.
- Seller can pay up to 6% of sales price towards buyers costs.
Easier Credit Qualifying Guidelines:
- FHA is not a credit score driven program, it is more credit friendly than other loan options.
- FHA will allow a home purchase two years after a Chapter 7 bankruptcy, and sometimes before a chapter 13 bankruptcy is even completed.
- FHA will allow a home purchase three years after foreclosure.
Easier Debt Ratio and Job Requirement Guidelines:
- More flexible debt ratio's than most other home loan programs.
- Less than two years on the job is allowed.
- Available for self-employed individuals.
Affordable interest rates:
- FHA mortgage rates are comparable to conventional rates, so even if you have do not have perfect credit, you will receive an attractive interest rate.
These advantages of the FHA loan program have 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.
