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FHA Home Loan Programs
Are you buying your first home? An FHA loan could provide exactly what you need.
Since FHA loans are government backed the qualifying requirements are easier then with traditional lenders. This
makes competitive interest rates available to people who normally would not qualify for mortgages at their local bank.
Since 1934 the Federal Housing Administration (FHA) has helped over 34 million people fulfill their dream of home
ownership.

Benefits using our company:
1. Lower then normal credit scores accepted: We have lenders that offer FHA Loan Programs to applicants with
credit scores down to 600 but the credit must be current for the past 12 months leading up to your application. With
conventional loans the best interest rates are reserved to those applicants with credit scores over 720.
2. Low Down payments Requirements: The minimum down payment for an FHA Loan is currently 3.5% of the
purchase price which can be a gift. This program will allow for the seller to pay up to 6% of your closing costs but not
all property types qualify, only 1-4 unit properties and they must be your primary residence.  
3. No Pre-payment Penalties: This means that you can refinance or sell at any time without any fear of having to pay
any additional fees which can add up to thousands of dollars when you payoff or refinance your loan.
4. Fixed Rate Loans Available: Fixed rate loans provide the same monthly payment over the life of the loan and
homeowners are able to build equity in their property by making the same monthly principal and interest payment.  

Does FHA Have Loan Limits? (click here to see the max loan limits in all 50 states)
Yes, FHA has loan limits and they vary from county to county, state to state.

Does FHA Have A Refinance Program?(click here)
Yes, FHA has a program which is called Streamline Refinance and there a lot of benefits.
FHA Has A 1st Time Buyers Program
You may be concerned about not having enough money for a down payment. Or are you concerned that you
won't have enough money for move-in expenses? If so a no money down mortgage might be what it takes to get
you into your own home. With these types of loan programs you don't need to make a down payment but you
must supply $500 of your own money towards closing costs. FHA does allow for gifts, loans from relatives or
employer-assisted housing.

FHA Offers Flexibility
You can chose from a Fixed-Rate mortgage or a Adjustable Rate Mortgage (ARM).  The rates for ADJUSTABLE
RATE LOANS will stay fixed for the first 1,3 or 5 years (you decide) and after the initial term the interest rate will
change annually.

FHA Loans Offer Down Payment Assistance Programs. Whether this your is your first or the third home
saving for a down payment can be a difficult.  Many interested home buyers have not saved enough money to
cover the closing costs and the down payment so the difference is that they rent instead of owning a home.  FHA
does allow  for non-profit and public charity organizations to assist with the down payment for the purchase of a
home. Please contact us so we can explain how these institutions can assist with the down payment and
closing costs. The best part is anyone can qualify for this program. The down payment
assistance program that is provided will be in the form of gift funds. This means that this money
does not have to be repaid and you will build instant equity in the property. The amount that home
buyers can receive is any where form 1% to 5% towards the purchase of the home. Due to new FHA lending
guidelines this program will no longer be available after Oct. 1st. 2008. Although this program may expire your
down payment may still be gifted from a relative to meet the new minimum 3.5% down payment required.

FHA Mortgage Insurance  will equal 0.5% of the total loan amount.  This amount is about half of the price of
mortgage Insurance on a conventional loan but once the loan balance reaches 78 percent the mortgage
insurance will be removed from the total monthly payment.
FHA Loans do have restrictions so the best way to see if you would qualify is to speak
to a qualified Loan Officer at Best Mortgage Available.Com
Home Loans with little or no down payment even with less than perfect credit
Since 1995  FHA has placed a great deal of importance on marketing to first-time home buyers and minorities.
Best  Mortgage Available. com
FHA Loans Soar In Popularity As Loan Limits Are Raised Throughout The United States!
Today FHA loans account for more than 21% of all new home mortgages up from the low of 4% just 3 years ago.
The biggest differences between FHA and conventional loans:
- FHA loans require a minimum credit score of 620 while conventional loans require a score of 720 to get the best rates.
- FHA loans require a minimum of 3.5% down payment while conventional loans require at least 5% down payment.
- FHA's monthly mortgage insurance payments are less then on a conventional loan.