FHA loans are one of the best loan programs available for first-time buyers and move-up buyers. They offer low down payment solutions and incredibly low rates compared to other loan programs. In select cases, FHA loans allow for debt ratios up to 56.99% which translates to more buying power for you.
Most FHA loans only require a 3.5% down payment and also allow for the seller to pay up to 6% of the purchase price towards buyers closing costs and pre-paid items such as taxes and insurance. The down payment can be a gift from a relative, and often times a buyer can move into a house with very little if any down payment.
Here at Coast2Coast Mortgage, we have access to a unique loan program called the FHA 100 program which allows for a forgivable second mortgage to cover your down payment. Please ask a loan originator for details.
New Changes in FHA Loans (203H program)
If you live in a disaster area affected by a recent hurricane, you could be eligible for the 100% financed FHA 203H program. This program is for victims of the hurricane both owners of a home as well as a tenant that was renting a home damaged by the hurricane to obtain up to 100% financing on a home. Please ask us about this if you were affected by hurricane damage in a Presidentially declared disaster area.
As FHA Loan specialists we can help you understand any new changes to the FHA loan program. We're here to create a customized solution that works best for you and your family. To learn more call us at 888-456-9796 or contact us via email at: firstname.lastname@example.org
Want to learn more about FHA loans? Please call us or visit FHA Mortgage Source for a wealth of information.
These materials are not from HUD or FHA and were not approved by HUD or a government agency.