FHA Loans - Detailed 2018

FHA is a great option for first time home buyers!

FHA Loans are relatively easy to qualify for and are more forgiving of small problems with your credit history than conventional.

1. 3.5% down payment (depending on credit score)

2. Terms of the loan may include closings costs

3. Flexible debt to income (DTI) ratio

4. Up to 6% seller contribution

5. Can be used to purchase or refinance

6. 100% of the down payment and the closing costs can come from a gift

Credit

FHA typically requires two lines of credit but if you are lacking credit history you can try to qualify through a substitute form.

Other Great Benefits!

1. Borrowers can qualify 2 years after bankruptcy

2. Borrows can qualify 3 years after foreclosure or short sale

3. No PRE-PAYMENT PENALTY

4. FHA loans are assumable

5. Competitive Interest Rates

6. Lower Fees (such as - closing costs, mortgage insurance, etc)