Federal Housing Administration (FHA) Mortgages

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% 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:

• 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.

Call 734-260-2660 or email me today to see if a FHA loan is right for you.

Find out what to bring to a mortgage application appointment!

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