FHA Loans
First Time Home Buyer FHA Loan: Making Home Ownership more accessible
FHA is a loan which is backed by the Federal Housing Administration. They provide the insurance the lenders need to be willing to take on a little more risk, which means that qualifying is a little easier with these loans. This is a great program to provide the opportunity to get into your home sooner than you thought! Read on to find out if you should contact Rhonda about the first time homebuyer FHA loan.
Some of the highlight of the FHA loan
- Lower down payment requirements.
- Often lower rates than the Conventional loans.
- The source of the down payment can be gift funds.
- Higher debt-to-income qualifying ratios.
- Lower credit score requirements.
- Fixed and ARM rates available.
- Purchase or Refinance options.
How is this possible? There are higher mortgage insurance requirements (insurance for the lender in case the borrower defaults on the loan), therefore the risk is smaller for the lender. What that means is that if you thought you may have to do a lot of credit repair, or save for several years for a down payment, you may not need to wait as long to accomplish those goals.
Let’s talk about first time home buyer FHA loan option and see if it is the program for you. Contact us now!
Qualifying factors may apply.
Note: CMG Home Loans is not a credit repair company; this information is for information purposes only. We are not licensed credit repair specialists or counselors.
Rhonda is an extremely professional and efficient agent, very pleasant and easy to business with. She communicates very efficiently so you are aware of the status of your project at all times.