posted Nov 9, 2010, 8:54 AM by Massey Kouhssari
FHA home loans allow buyers to buy a home with less than 3.5% down or up to 96.5% of the homes value. Some highlights of the FHA loan program are:- Minimal Down Payment and Closing Costs.
- Downpayment less than 3.5% of Sales Price
- Gift for downpayment and closing costs allowed
- No reserves required
- FHA regulated closing costs
- Seller can credit up to 6% of sales price towards buyers costs
- Easier Credit Qualifying Guidelines such as:
- Minimum FICO credit score of 640
- FHA will allow a home purchase two years after a Bankruptcy
- FHA will allow a home purchase three years after a Foreclosure
- FHA will allow a home purchase after a short sale (0x30 mortgage lates required)
- Easier Debt Ratio & Job Requirement Guidelines such as:
- Higher Debt Ratio's than other home loan programs.
- Less than two years on the job is allowed.
- Self-Employed individuals o.k.
- First Time Homebuyers are eligible
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