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!
- 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!)
- Easier to Qualify: FHA is insured by the Federal Government. Because of this, more lenders are willing to give loans with lower qualifying requirements.
- Less than Perfect Credit: FHA is more forgiving regarding Credit Boo-Boos than other programs, including bankruptcy.
- 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.
- 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