FHA home loans allow first time home buyers and current home owners to buy a home with less than 3% down or FHA home mortgage refinance up to 97% of the homes value.
The FHA home loan program offers many advantages
- 0 - 3% Down Payment
- Lower Monthly Mortgage Insurance
- Maximum 1% Origination fee
- Controlled Loan Closing Costs
- Can qualify for loan two years after Bankruptcy
- Can qualify for loan three years after Foreclosure
- Higher qualifying Ratio’s
- Seller Can credit up to 6% towards buyers closing costs
- Termite Report & Clearance required on all purchases
- Property must meet FHA minimum condition standards
Often times the FHA has the best interest rates because they are government owned and they want to get people into homes. They play a huge role in financing for minority borrowers, first time home buyers, borrowers who have a troubled credit history, and borrowers who have little money to put down on a home.
