Federal Housing Administration, FHA mortgage loans are perfect for First Time Home Buyers. FHA and the loans it offers were created to help increase the number of Americans who own their home. One of the great benefits of a FHA loan is that they are very flexible in their approval criteria which allows for an easier qualification process than other Fannie Mae and Freddie Mac loan programs. Remember this rule of thumb: if you are employed and have kept good credit history for the past twelve months prior to when you want to get the loan then you have a good shot at qualifying for an FHA home loan. There are many benefits of purchasing a home using a FHA mortgage:
Low Down Payment and Closing Costs – One barrier for many people to buying a home is having enough money for closing costs and the down payment. FHA allows for less money to come out of your pocket.
* Less than 3% of Sales Price is required for down payment
* There are some 100% financing options
* You can get a gift from a family member for all of your down payment and closing costs
FHA lenders understand that consumers have things that come up and it believes that a bump in the credit road should not prevent you from owning a home. Here are some of the flexible guidelines from FHA about your credit. Read more of the article at Loan Article for First Time Home-Buyers.
Foreclosure Lawyers..
We provide unique options for homeowners with forensic loan audits and loan modifications to ensure more affordable mortgage payments that prevent foreclosure. Thanks for the home financing news and loan program updates. Unfortunately there are not that many mortgage sites that provide enough info to consumers considering home-buying endevors.
Trackback by foreclosure lawyers — November 16, 2008 @ 11:05 pm