FHA Loan Benefits
Post date: Nov 09, 2010 4:54:26 PM
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