- Low down payment
- more lenient credit requirements
- easier to qualify for than conventional mortgages
- Perfect for the 1st time home owner
- Perfect for the Georgia Dream down payment program....( check out my post on the Georgia Dream
- Insured by the Federal Housing Adminstration
So what do lenders look at to approve you for FHA?
- Credit history
- Capacity to repay
- Cash assets available to close the mortgage
FHA loans are great for single family homes but can be used to purchase suburban homes, condos, multi unit properties.
You can get into an FHA loan with 580 or better scores.
CHECK THIS OUT
500-579 will get you 90% toward your purchase
580 or better will get you the maximum financing amount.......96.5%.....
The real reason I like this loan is the low down payment.......... 3.5% down is all you need. Boom
Sad thing is you can only have 1 FHA loan products at a time.
If you have some CREDIT issues( this includes chapter 13 bankruptcy) don't worry.... less then perfect will work here, I they want to see is
an history of reliable income and steady payments over the last 12-24 months
Would you like some more info about this type of loan product?
GET A FREE GUIDE about FHA Loans or just a FREE Consultation.....complete the form below and I get with you!
Fill out my online form.
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