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FHA Purchase - (Buy a home)
Home Purchase Loan
The mission of FHA is to help more Americans purchase a home. FHA loan products are easier and less expensive than other types of loans to qualify for, they allow for more flexibility in regards to your credit history, income, and down payment.
Low to no downpayment
Up to 100% financing available
Downpayment and closing costs can be gifted to you
No reserves required
FHA regulates the fees and the closing costs.
The seller can credit you up to 6% of the sales price to be used towards your closing costs
Easier credit qualification:
No minimum credit score required
You can purchase a home within two years of a bankruptcy
You can purchase a home within three years of a foreclosure
Easier Debt & Job Requirements:
You can have higher debt ratio's than with other loan programs
Your Job history can be less than two years
You can be self-employed
The advantages of FHA loan programs make it more attractive then conventional financing. You do not need to be a first time buyer to get an FHA loan.
With an FHA insured mortgage, you can expect a lower monthly mortgage payment and lower fees at closing.
