Now that the president has signed the stimulus package,FHA reform is right around the corner.What does it all mean?In a nut shell,when the FHA loan limits increase,it will enable many buyers that have had difficulty qualifying for a mortgage the ability to get back in the hunt. A FHA loan is not credit driven,so,if your credit is less than perfect fear not!If you have a low downpayment that's ok too! Fha loans can be aquired using less than 3% down and up to a 6% sellers concession is permitted.The loans are fixed 30 year and offer very competitive rates. Here's what you'll need to get started;
1. A 2 year work history
2.Proof of income (w2's & paystubs)
3. Landord and rental information for the past 2 years
4.Paystubs covering a 1 month period
5.Proof of citizenship or resident alien card
We currently carry an extensive inventory that meets FHA guidelines.Sometimes a call can change your life.
Call us today to schedule a free no obligation pre-approval.
Ron Molcho..Managing Broker @ American Homes of S.I...718-981-3400