What is an FHA Loan?
An FHA loan, contrary to popular belief, is not a Government loan. FHA loans are loans with very specific guidelines and are insured by the FHA. Because of their conservative guidelines and low rates, FHA loans are one of the safest loan products on the market today.
Who is Eligible for an FHA Loan?
FHA loans are available to everyone, not just first time homebuyers. Citizenship is not required, but you must have a permanent Social Security Number to apply. There is no limit on the number of times you can apply for FHA financing, however, you can only have one FHA loan at a time.
FHA Highlights
* FHA will loan up to 97% of the property value.
* Lower FICO Score requirements.
* FHA allows the seller to credit you up to 6% of the purchase price to pay for your closing costs.
* FHA will allow you to get a 3% gift from Nehemia to pay for the remainder of your down payment.
* FHA loans can be used for both purchases and re-finances.
* You do not have to be a first-time-homebuyer to qualify. However, if you are a first-time-homebuyer, the Mortgage Credit Certificate and numerous down payment and closing cost assistance programs may be available to you.
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