FHA Low Down Payment Loan in Alexandria, Louisiana
As the title above indicates The FHA (Federal Housing Administration) financing program offers one of the lowest down payment options available to consumers today. In our local real estate market approximately 50% of all home buyer's secure a FHA Low Down Payment Loan in Alexandria, Louisiana. This type of mortgage loan can be used for a home purchase in either an urban or rural area.
There are many first time local buyers that find a FHA Low Down Payment Loan in Alexandria, Louisiana can be their best choice when shopping for a home mortgage. Below are some of the top reasons a purchaser will choose a FHA mortgage.
- The minimum credit score allowable is a 640. Lenders will pull a Tri-Merge credit report and use the middle score from the three credit bureaus to determine your credit score.
- The down payment requirement is only 3.5% which is much lower than a conventional mortgage loan. FHA home buyers must pay the 3.5% from their own proceeds (checking or savings account).
- Sellers can pay closing costs for the buyer. The Realtor representing you can negotiate with the seller to pay FHA closing costs up to 6%. The actual FHA closing costs are between 3% to 4% of the purchase price depending on the amount of the loan. The difference in seller concessions can be used to pay for discount points to buy down the interest rate.
- The condition of the home must meet certain criteria for a FHA Low Down Payment Loan in Alexandria, Louisiana. The appraiser that the lender assigns will ensure that the property will meet these guidelines. This is done to protect you the home buyer and also the investor funding the loan. Myself and FHA will both recommend a home inspection from a state licensed home inspector to be performed in conjunction with the appraisal.
Are you currently looking to purchase a home but don't know where or how to start? A FHA Low Down Payment Loan could be your answer. Do you want to know if you qualify?
Stop wasting your valuable time and money. Sign up today for my FREE and NO OBLIGATION Home Buyer Alert System. Contact me now at 318-880-1270 for immediate and prompt assistance so you don't miss the great deals.