Blue Springs FHA loan

Here are a few helpful hints that you'll want to be familiar with when applying for a Blue Springs FHA loan.

First off if you are interested in getting an FHA loan you can get pre-approved here!

    You can look forward to a low down payment. An FHA loan requires only a 3.5 percent down and and you may get that down payment as a gift from your parents or grandparents or any other relative. For any borrower in short supply of financial resources, this is a superb advantage.

    Another helpful hint when going with the Blue Springs FHA Loan is that first-time buyers have some advantages. A tremendous reward is they can have a non-occupant co-borrower, that means you can have a co-signer who can help you secure the loan, for example: If you're a student who recently completed college that has low or no credit, a parent can co-sign. Then, once you're in improved financial shape, you are allowed to assume the loan with no need to refinance to possibly higher rates.

One of the biggest benefits of the FHA loan is that the seller can pay up to 6% of the acquisition price. So when you've got a $100,000 home, they could pay as much as $6,000 of closing costs. (With a conventional loan, sellers can only contribute as much as 3%.

   However, One of the restrictions that comes with the Blue Springs FHA loan is that there are loan limits, but most of the time they are high enough that most people don't even worry about them, but you should check.  There are counties that have loan limits under $300,000 and other limits are as high as $729,000 and you must make sure that you have your income well documented because it's much more important to know this when getting approved for an FHA loan.

For a moderate-income buyer who can't afford a large down payment, an FHA-insured mortgage loan can be a viable option.  As always if you need help you can call Darren Copeland at 816-268-4025 or email us darrencopeland@kcloantips.com