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FHA Home Loan Programs
Are you buying your first home?
Then an FHA loan could provide exactly what you need. Since FHA loans are government backed the qualifying
requirements are easier making competitive interest rates available to people who normally would not qualify for a
traditional loan at your local bank. The minimum down payment for an FHA Loan is 3% of the purchase price
which can be a gift or can be provided from a non profit organization. Also this program allows for most of your
closing costs and fees to be included in the loan. Not all property types qualify, only 1-4 unit properties.
Do you want to buy a fixer-upper?
FHA has loan programs that allow you to buy a home and fix it up.
Closing costs can also be include in this type of loan.
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)
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, grants, loans from relatives
or nonprofit groups; or employer-assisted housing.
FHA Offers Flexibility
You can chose from a Fixed-Rate mortgage or a 30yr Adjustable Rate Mortgage (ARM). These rates 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.
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 Has Temporarily Raised The Loan Limits Throughout The United States!