1% Down FHA Program

By
Real Estate Agent with Flinsk Real Estate

 

A new 1% down FHA program is now available to all home buyers! This program allows home buyers to only bring 1% of the mortgage amount to the closing table and even that amount can be gifted per FHA guidelines. Only a select number of lenders have this program. 

More details are available under the mortgage section of my homepage. I'd love to hear everyone's thoughts on if this is a good idea for our current economy or if this is a bad idea. please leave comments on the website so they stay current with the article. 

Right now this program is only available in Arizona, to my knowledge. 

 

Comments (5)

Wendy Lockhart
Lockhart & Associates Real Estate - Saint Pete Beach, FL

Wow!   Great news for new home buyers!   Thanks for the info!

Oct 16, 2008 07:37 AM
Michael Wayne Jackson
Coldwell Banker - Novato, CA
Broker - Seniors Real Estate Specialist Novato

This is great news. When did this program start, and who would qualify for this type of program?

Oct 16, 2008 07:42 AM
Vickie Nagy
Coldwell Banker Residential Real Estate - Palm Springs, CA
Vickie Jean the Palm Springs Condo Queen

Awesome. My lender hadn't sent a memo out on this yet. Thanks for sharing...

But wait, won't just this type of loan make even more trouble?

Oct 16, 2008 07:42 AM
Barb Van Stensel
Chicago, IL

What's the program?  When and where is it effective and for how long?  What is the criteria for qualification?  Points?  Premium Rate?  I am serious about this.... truly.

Oct 16, 2008 07:43 AM
Marcus Fleming
Flinsk Real Estate - Gilbert, AZ

Additional details are available here. Only a few lenders have access to the program right now, and to my understanding, this is still an FHA loan which means qualified buyers who are a good credit risk, but don't have a lot of savings would be eligible... but contact Beth Wakeley for more information. Her email is beth.wakeley@imortgage.com and her phone number is on the website noted above... flinskrealestate.com 

I am personally very excited about this loan! Its smart lending for the home buyers who may not have the savings in place. 

Oct 16, 2008 07:49 AM