FHA

FHA Loans are some of the best home loans for first time home buyers. They make home ownership easier, more affordable, and attainable to Americans.

Advantages of FHA Programs:

· Low cash required - only 3.5% of total.
· No cash reserves required.
· 100% gifts allowed with minimum down payment mortgage.
· Low closing costs - all mortgage insurance can be financed.
· Larger seller contributions - up to 6% on a minimum down payment mortgage.
· Higher debt-to-income ratios allowed - 31/43.
· Credit score minimum score of 640.
· Non-traditional credit histories can be considered.
· FHA loans are assumable at the note rate to qualified buyers.
· Right to prepay without penalty.
· FHA streamline refinances.
· Condominiums are acceptable with 51% owner-occupancy within the project.
· Citizenship not required with a minimum down payment mortgage.
· Appraisals are good for six months.
· It is a government-insured program.