FHA Financing For First Time Home Buyers?

Mortgage and Lending with Opes Advisors Mortgage

Federal Assisted Mortgage Loans have been around for decades, and have the most make sense underwriting guidelines i have ever seen. I was first introduced to FHA financing as "this loan program makes no sense when compared to conventional loans" but in fact it is the exact opposite, FHA financing is has far more flexibility, and makes much more sense to today's home buyer. Here are some of the guidelines and highlights of FHA financing. Please comment and tell me what your take is on the program.

Only a 3.5% down payment
100% gift allowed for the down payment
Can have as low as a 620 credit score to qualify
You can have some dings on the credit as long as there is a good explanation
Seller credit for closing cost up to 6%
Debt ratio in the mid to high 50%

For more information or if your interested to see if you can qualify for FHA financing please got to the link below or call me on the number listed below.

Mike Silva
RPM Mortgage


Great info. please keep the blogs coming, it really helps to be kept up to date!

Jul 28, 2009 03:06 PM

Hello Mike,

You were referred to my by Jamie, Realtor for ReMax Accord.  Here is my question:

My client has been approved for an FHA loan.  However, the homes in his price range requires work that would not pass mustard with the lender.  I recently discovered the 203k loan.  This is a FHA loan.  It allows the buyer to make repairs (i.e. electrical, plumbing, roof, etc.). All work must be done within 6 month after the close of escrow.

That's all that I know at this time.  Is this information correct?  Any information that you can provide would be appreciated.

Thank you.

Linda Dayton, Realtor

Coldwell Banker Coon & McCreary


Jun 10, 2010 04:57 PM