3 Reasons Why First-Time Home Buyers Love FHA
Borrowers don’t have to be first-time buyers to participate in FHA’s mortgage program; however, it offers a number of features that are popular with consumers purchasing a home for the first time.
LOW DOWN PAYMENTS
Consumers can borrow up to 96.5% of the purchase price (or appraised value) of a home. This lowers the ammount of money that must be saved towards a down payment.
GIFT FUNDS* ARE ALLOWED FOR DOWN PAYMENT & CLOSING COSTS
Relatives, employers, unions, charitable organizations, government agencies, and even friends who have a clearly documented interest in the borrower can gift funds that the borrower can use for down payment and closing costs.
FLEXIBLE CREDIT REQUIREMENTS
Borrowers with limited or less than perfect credit histories benefit from FHA’s more flexible credit guidelines. Lower credit scores are accommodated with FHA, plus alternative credit sources can be considered by lenders when a borrower has limited credit experience.
THE BOTTOM LINE
FHA offers great features that support the needs of many first-time home buyers who have only recently started saving money and building their credit depth.
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*Gifts cannot be given by an entity who has an interest in the sale of the property and no repayment of the gift is allowed. Certain limitations may apply to loan products for borrowers with a previous bankruptcy, foreclosure or short-sale and a higher interest rate and/or higher fees may be required.
Financing Information
- Why Pre-Approval Should Be Your First Step
- Where Are Interest Rates Headed?
- The Power of Pre-Approval for Agents
- Refinancing
- No Lender Fees
- How Low Interest Rates Increase Your Purchasing Power
- Flipped Property Finance Options
- FICO Scores
- Duplex Financing Options
- Discount Points vs Premium Pricing
- Delayed Financing Options
- Jumbo - Credit Challenged
Home Buyer Tips
- What You Need To Know About VA Loans
- USDA-Wide Open Spaces
- The Perfect Home Loan Application
- The Mortgage Process
- Student Loan Debt
- Rising Rent - No Problem
- Rent vs. Buy
- Ready To Make An Offer? 4 Tips For Success
- Path 2 Buy
- Mortgage Insurance
- Look for a Luxury Home? Now’s The Time To Act!
- How We Safe Guard Your Information
- How to know if it’s a condo?
- Getting a Mortgage: Why So Much Paperwork?
- FHA 90 Day Property Flip Waiver
- Do’s and Don’ts During The Loan Process
- Condo Loans - Low Down Payment
- 5 Reasons Home Ownership is a Good Financial Investment
- 2 Myths That May Be Holding You Back From Buying
- Niche - Unique Mortgages
Credit Information
Loan Programs
- Veterans Assistance Loan Benefits
- Reverse Mortgage
- Loan Programs - Pros & Cons
- Jumbo Loans
- HUD-184 Native American Program
- HomeStyle Renovation
- FHA 203k Streamline Rehab Loan
- FHA “Back-To-Work: Extenuating Circumstances” Program
- FHA - Home Ownership Opportunities
- FasTrac Approval Process
- 3 Reasons Why First-Time Home Buyers Love FHA
- Home Ready Program
- Jumbo Plus Loans
Specialty Programs
- Union Advantage
- NHF Platinum - Down Payment Assistance
- HomeScout: Your Unfair Advantage
- FHA - Refinance
- FHA - Limited Savings
- FHA - Benefits
- FHA - Credit Requirements
- Fannie Mae - 97% LTV
- Family Opportunity Program
- Jumbo - Medical Loan Program
- Luxury Home - 2 Million Max
- Non-Resident Alien Home Loan