FHA loan programs were created to help increase homeownership during the great depression and can help almost any homebuyer purchase a home regardless or income or credit. With the flexibility inside the programs no other home loan program can compare. FHA mortgage programs makes buying a home easier and less expensive than other types of home loan programs. Here are just some Examples of how FHA can help you buy a home,
Minimal Down Payment and Closing Costs.
· Down payment less than 3% of Sales Price with 100% financing options available.
· 100% Financing options available
· 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 requirements.
· FHA will allow a home purchase 2 years after a Bankruptcy.
· FHA will allow a home purchase 3 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.
How FHA Loan Programs Work?
FHA does not fund loans to homebuyers; instead FHA insures loans made by private Florida mortgage companies. The FHA insurance provides protection against mortgage defaults. FHA loans have loan limits depending on the Florida county and city. Because FHA loans are insured lenders can give applicants betters terms on the mortgage being offers. FHA insurance saves borrowers money and allows first time and move up[ buyers to purchase a home with as little as three percent down.
What kind of home can I buy?
Ø Single family homes
Ø Mobile homes
Ø Modular homes
Note townhomes and condos must be at least 51% owner occupied
What other FHA programs are there?
FHA reverse mortgage – allows homeowners 62 or older to tap info equity built up over the years, which allows seniors to use the equity in their homes to get money for their retirement living expenses.
FHA 203K – The FHA 203k it is an important tool for community to purchase and rehabilitate a home all in once financing program.
There is more to buying your home then the monthly house payment. Why not ask for an FHA loan that will help you buy your house and keep it too? The next time you need a home loan make sure you ask for an FHA loan.