5 Reasons to Ask for FHA

In today’s market, many homebuyers have heard that 100% loan programs are gone, but that’s simply not true.  It’s just one of the reasons you’re gonna’ LOVE FHA!

1. Low Downpayment: FHA considers the total investment into the transaction.  They require a 3.5% investment into the property – and this can come from money you have on hand, a gift, or sale of an asset (for more info click here!)
2. Easier to Qualify: FHA is insured by the Federal Government.  Because of this, more lenders are willing to give loans with lower qualifying requirements.
3. Less than Perfect Credit: FHA is more forgiving regarding Credit Boo-Boos than other programs, including bankruptcy.
4. Lower Interest Rate! YIPPEE! Unlike SubPrime loans which carried higher interest rates (because if you’ve had some slow credit – you’re a higher risk), FHA loans have very competitive interest rates.  Always compare FHA loans with other loan types.
5. Avoid Foreclosure: No one goes into the purchase of a home thinking something bad will happen – but it might.  FHA has been around since 1934 and they were created and continue to demonstrate that they want to help you should you encounter hard-times.

For more information about qualifying for an FHA loan contact Steve and Eleanor Thorne! 919-649-5058