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Make your dream of home ownership come true with an FHA
home loan!
First Time Home Buyer Program
 FHA
first time home buyer programs are designed to support those
buying a home for the first time. You are just a couple
simple steps away from finishing the hardest part of
securing an FHA loan. Apply here to see if you are eligible
to pre-qualify for an FHA insured loan and Let our FHA
Mortgage Specialist help you accomplish your dreams!!!
Why Is FHA Great For Home Purchases?
The main benefit to a FHA home loan is that the credit
criteria for a borrower are not as strict as FNMA or FHLMC.
Someone who may have had a few credit problems should not
have a problem obtaining FHA financing. Also, FHA home loans
are assumable, allowing a person to take over the mortgage
without the additional cost of obtaining a new loan if they
qualify. In addition, the seller must pay for part of the
"traditional" closing costs (called non-allowable costs)
while a borrower's allowable costs can partially be wrapped
into the loan. 100% of the down payment and closing costs
can be gifted.
Additional FHA Information
Even though most lenders do not allow you to go to 95% LTV
(loan-to-value). With FHA you are allowed to pay as little
as 3% of the purchase price of your home for your down
payment (97% LTV), and finance your closing costs with your
mortgage loan. The FHA can guide you toward programs that
require no down payment.
You can purchase a home in need of repairs and finance the
repair costs with the mortgage. This way you can make the
necessary repairs immediately without having to come up with
the money yourself.
FHA loans offer a loan guarantee for mortgage companies. If
you acquire a FHA loan to purchase a home, the FHA is not
actually lending money to you, the buyer; the FHA simply
guarantees the lender in case you, the borrower, default on
your mortgage payments.
You can purchase manufactured homes and condominiums with a
FHA loan.
You can finance the cost of energy-efficient repairs with
the mortgage.
 IT
is important to understand, that FHA loans are funded by
financial institutions such as mortgage centers or banks.
The Federal Housing Administration is a branch of the
Department of Housing and Urban Development and provides
lenders with insurance on your loan. The FHA is here to help
you become a homeowner or refinance into a lower monthly
payment. Both the FHA and HUD offer low-interest loans to
qualified borrowers so that they may purchase homes. The FHA
and HUD also offer mortgage insurance for those who are part
of the VA.
Whether you are a first
time home buyer, purchasing a new home or refinancing your
existing home loan, FHA loans are a great way to go.
In order to
qualify for an FHA loan, you must have a valid social
security number (if you do not have a social security number
call in and see if you may qualify for loans specially
designed for borrowers like you). You must have legal
residency in the United States and be of a legal age to sign
on a mortgage in your state. All lenders will verify the
income, assets, liabilities, and credit history for all
parties on the loan. With an FHA loan, there cannot be an
ownership interest of the property without qualifying for
the loan.
FHA's mortgage programs typically don’t have a maximum
income limit for qualifying, however the borrower must have
sufficient income to qualify for the mortgage payment and
other debts. Income limits may be present when qualifying
for down payment assistance or other secondary financing
programs (including those funded by HUD) that may be used in
conjunction with an FHA loan.
FHA does not require a minimum credit score, however past
credit performance serves as the most useful guide in
determining a borrower's attitude toward credit obligations
and predicting a borrower's future actions. Using FHA's
guidelines, lenders will make a credit determination based
on the merits of each case. To find out if you qualify, and
how much you can borrow based on your income and debts.
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Discover
important mortgage tools to help guide you in your
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