FHA Loan Types FHA Loans for Buying a Home
FHA Loans for Buying a Home
FHA Loans - Buying a Home using a FHA Loan
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The FHA loan program was created to help increase homeownership. The FHA program makes buying a home easier and less expensive than other types of real estate mortgage home loan programs. Some highlights of the FHA loan program are:
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Minimal Down Payment and Closing Costs.
- Downpayment less than 3.5% of Sales Price
- 100% Financing options available*
- Gift for downpayment and closing costs allowed.
- No reserves or required.
- FHA regulated closing costs.
- Seller can credit up to 6% of sales price towards buyers costs.
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Easier Credit Qualifying Guidelines such as:
- Minimum FICO credit score of 620.
- FHA will allow a home purchase two years after a Bankruptcy.
- FHA will allow a home purchase three years after a Foreclosure.
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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.
These advantages of the FHA loan program has made it one of the best options for most first time home buyers as well as move-up home buyers.
You do not have to be a first time buyer to obtain a FHA loan, anyone may use a FHA loan as long as you do not have more than one FHA insured loan at any one time.
Following is a list of some the various type of FHA loan programs available. Next to the name of the program is a brief description of the FHA mortgage program. Once you find a program that best suites your needs, please click on it for a detailed program description :
- Single Family Home - Basic FHA loan program for single family homes.
- Fixed Rate Loan - Basic FHA fixed rate mortgage loan program.
- Adjustable Loan (ARM) - Basic FHA adjustable rate mortgage loan program.
- Buydown FHA Loans - Low Start Rate FHA buy-down loan program.
- HUD Homes - Financing for HUD homes with as little as $100 down.
- Officer Next Door - Special 50% discounted homes for officers.
- Teacher Next Door - Special 50% discounted homes for teachers.
- 203K - Home improvement & major remodel loan program.
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