Hey Everyone it’s Darren Copeland your Mortgage Expert. Today we’re going to talk about one of the most popular loan programs called FHA. If you’re looking to buy a new home in the Liberty, Missouri area the FHA Home Loan Liberty loan might be your best option.
FHA stands for Federal Housing Administration and it’s back by the US Government. The loan program is for 1st Time HomeBuyer’s along with repeat buyers as well.
The FHA program is one of easier loan programs to qualify for and here’s some of the highlights of the FHA Home Loan Liberty, Missouri:
1. Down payment is only 3.5% of the purchase price
2. The down payment can also be gifted by a family member such as Parents, Grandparents, or a Sibling.
3. The credit scores are more relaxed….in some cases as low as 580. Generally speaking 620 or 640 is the norm.
4. If you’ve had a BK or Foreclosure in the past you don’t have to wait the typical 5-7 years for a conventional loan. With FHA you only have to wait 3 years after a foreclosure.
5. The loan limit for FHA here in the Midwest is $271,000
If you or anyone you know has any questions about the FHA Home Loan Liberty, Missouri or Getting qualified please have them give us a call and we’ll be happy to help. Thank you!
Mortgage consultant Darren Copeland and his experienced home loan team are committed to educating home buyers about home loans, purchasing a new home, refinancing and credit repair. LeaderOne Financial has helped home owners choose the best home loan program, from FHA, VA, USDA, and Conventional loans along with Reverse Mortgages and Refinancing Darren will make sure you receive the most affordable home loan rates in Lees Summit and has been doing it for over 8 years.