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FHA Loans - Buying a Home Using an FHA Loan

By
Real Estate Broker/Owner with Warm Weather Real Estate AZ BR558423000

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 3.5% 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:
  • Minimum FICO credit score of 620.
  • 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.

If you have additional questions or would like to discuss your options with FHA or any other real estate issues, contact me by email rmarsh@sjfowler.com or phone Bob Marsh 480-529-2936

 

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