Pamela Madore Mortgage
Borrow Up to $294,515 FHA in Potter/Randall Counties in Texas
Many people think that an FHA loan is for low income people. NOT TRUE. FHA does not discriminate in income limits. You can be a a quazillionaire and still get an FHA loan.
It is not only for first-time homebuyers either. You can own other properties, too. It does require that it be your primary residence, however.
Here are some pretty great things about FHA loans:
- Maximum loan amounts allow you to buy in some of the more expensive neighborhoods
- Low down payment.....3.5% of the purchase price
- Seller can help with up to 6% of closing costs
- Easier to qualify for based on income/credit
- Comparable rates to conventional loans
- No pre-payment penalty or balloon